Credit rating agency -- India Ratings and Research (Ind-Ra) has revised Steel Authority of India’s (SAIL) outlook to negative from stable while affirming its long-term issuer rating at ‘AA-’. The outlook revision reflects a sharper-than-expected increase in SAIL's leverage risks for the current financial year and the uncertainty around financial deleveraging in FY21 to levels commensurate with the rating guidelines.
SAIL is India’s largest steel producing company. The company is among the five Maharatnas of the country’s Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
