CRISIL upgrades Jindal Stainless’ long-term bank facilities rating to ‘AA-/Stable’

Credit rating agency — CRISIL has upgraded Jindal Stainless’ (JSL) long-term bank facilities rating to ‘AA-/Stable’. The previous assigned rating was ‘A+/Stable’. JSL’s short-term bank facilities have been reaffirmed at ‘A1+’. As per CRISIL, this upgrade underlines significant improvement in business risk profile of JSL, along with Jindal Stainless (Hisar) (JSHL), and a sustainable improvement in the operating efficiency of the company driven by better per tonne EBITDA levels.

This upgrade acknowledges improvement in the financial risk profile of JSL, led by strong liquidity, deleveraged balance sheet, and minimal long-term debt obligation over the medium term. It factors in the market leadership position of the Jindal Stainless group (JSL and JSHL) in the domestic stainless steel industry in terms of manufacturing capacity, sales volume, and sizeable export presence.

Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.

Source link

Leave a Reply