JSW Steel receives revision in credit ratings from Fitch

JSW Steel has received revision in credit rating from Fitch ratings as under -

Long term issuer default (IDR) - BB- ; Negative (revised from BB; Negative)

Senior unsecured ratings - BB-; Negative (revised from BB; Negative)

The revision in ratings assigned mainly takes into account Fitch's expectations of a decline in steel demand in India for the year ending March 2021 (FY21), compared with their earlier assumption of a mid-single digit volume increase, due to the economic impact of the coronavirus pandemic.

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