Credit rating agency -- India Ratings and Research (Ind-Ra) has upgraded the long-term issuer rating assigned to Jindal Stainless (JSL) to ‘AA-’ with a stable outlook, while resolving the Rating Watch Evolving (RWE). The agency had previously assigned ‘A+/RWE’ rating to JSL’s long-term credit facilities.
The upgrade and RWE resolution factor in the improved visibility on the amalgamated business and financial profile of JSL and Jindal Stainless (Hisar) (JSHL), continued deleveraging across the group entities, improvement in terms of product mix, improved credit terms with suppliers, and healthy balance sheet liquidity.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.