In a major rating upgrade assigned by CARE Ratings, the ratings assigned to the long-term bank facilities of Jindal Stainless (Hisar) (JSHL) have been upgraded from CARE A+ to CARE AA- with a stable outlook. The rating for short-term bank facilities of the Company has been reaffirmed at CARE A1+.
As per the report released by CARE, the ratings derive strength from the experience of the group and its dominant market position in the stainless steel industry. The standalone and combined business and financial risk profiles of JSL and JSHL, as stated by CARE, have broadly converged over the last one year.
The upgrade factors in significantly better-than-expected operational and financial performance of JSHL and Jindal Stainless (JSL) during the current fiscal year, supported by growing sales volumes with greater proportion of value-added products.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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