JSW Steel receives revision in credit ratings from ICRA

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

Long term bank facilities - ICRA AA-; Negative (Revised from ICRA AA; Negative)

Short term bank facilities - ICRA A1+ (Reaffirmed)

The change in the rating takes into account weaker than anticipated financial performance due to moderation in domestic demand and weak steel prices and expected increase in leverage in the near to medium term owing to the proposed acquisition of Bhushan Power and Steel.

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