Global rating agency, Fitch Ratings has assigned a final rating of ‘BB+’ to JSW Steel’s $500 million 4.75% senior unsecured notes due 2019. The final rating follows the receipt of documents conforming to information already received, and is in line with the expected rating assigned on October 31, 2014.
Proceeds of the notes will be used to prepay the company's rupee debt obligations. The notes will rank pari passu with the JSW Steel's existing and future senior unsecured indebtedness.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
