Jindal Steel and Power Ltd (JSPL) today said ratings agency ICRA has upgraded its long-term and short-term credit ratings.
"The credit rating upgrade by ICRA comes soon after an upgrade in JSPL's rating to investment grade with stable outlook by CARE," the steel company said in a filing to BSE.
"ICRA has upgraded the company''s long-term and short-term credit ratings to 'stable outlook' i.e. ICRA BBB-(Stable)," the filing said.
The rating upgrade includes long-term and short-term bank facilities amounting to Rs 25,288 crore and long-term rating for the Rs 1,549.60 crore non-convertible debenture (NCD) programme, JSPL said.
"The credit rating upgrade to stable outlook by ICRA is an encouraging development testifying the growth potential of JSPL," company's CEO N A Ansari said.
Naveen Jindal-led JSPL has presence in steel, power, mining and infrastructure sectors.
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