Fitch upgrades JSW Infra to investment grade; Moody's outlook positive

Fitch upgraded JSW Infra to investment grade 'BBB-', while Moody's affirmed its Ba1 rating and revised outlook to positive, highlighting strong growth plans in ports and logistics

Fitch Ratings has upgraded JSW Infrastructure (JSW Infra) to ‘BBB-’ from ‘BB+’, placing the company in the investment-grade category. The rating carries a ‘stable’ outlook, the company said in a statement.

 

With this upgrade, JSW Infra joins an elite list of Indian corporates — including Adani Ports and Special Economic Zone, Reliance Industries, Tata Steel, ICICI Bank, HDFC Bank, NTPC, ONGC, and State Bank of India — that have investment-grade ratings.

 

The move comes shortly after S&P Global Ratings assigned JSW Infra an investment-grade rating of ‘BBB-’ with a stable outlook, reinforcing its strong financial position and resilient business model.

 

Meanwhile, Moody’s Ratings affirmed the company’s Corporate Family Rating (CFR) and senior secured bond rating at ‘Ba1’, while revising the outlook to ‘positive’ from ‘stable’.

 

“These upgrades across global rating agencies underscore JSW Infrastructure’s commitment to prudent financial management, sustainable growth, and its pivotal role in India’s port and logistics sector,” the company said. “Importantly, JSW Infra joins an exclusive set of companies in India’s infrastructure space, particularly in the capital-intensive ports and logistics sector, to achieve an investment-grade rating — reinforcing its market leadership and financial strength.”

 

Lalit Singhvi, whole-time director and chief financial officer of JSW Infra, said:

“The investment-grade ratings from Fitch and S&P, along with Moody’s revision of our outlook to positive, are strong validations of JSW Infrastructure’s financial strength, strategic focus, and long-term vision. They empower us to pursue our ambitious growth agenda with confidence, leveraging global capital efficiently while maintaining a strong balance sheet. It also reinforces investor confidence in our resilience and ability to deliver sustainable value to all stakeholders.”

 

Promoted by Sajjan Jindal, JSW Infra is India’s second-largest private commercial port operator. The company plans to expand its cargo handling capacity from the current 177 million tonnes per annum (mtpa) to 400 mtpa by FY30 or earlier, backed by a capital expenditure plan of Rs 30,000 crore for ports and Rs 9,000 crore for logistics between FY25 and FY30.