CARE Ratings upgrades long-term rating of Jindal Stainless (Hisar) to ‘AA-’

Credit rating agency — CARE Ratings has upgraded long-term bank facilities rating of Jindal Stainless (Hisar) (JSHL) to ‘AA-’ from ‘A+’ with a stable outlook. The rating for short-term bank facilities of the company has been reaffirmed at ‘A1+’. The upgrade factors in significantly better-than-expected operational and financial performance of JSHL and during the current fiscal year, supported by growing sales volumes with greater proportion of value-added products.

Jindal Stainless (Hisar) is world’s largest producer of stainless steel strips for razor blades and India’s largest producer of coin blanks, serving the needs of India and International mints.

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