Crisil upgrades Jindal Stainless long-term debt ratings, keeps short-term

Rating agency's report highlighting reasons for upgrade pointed at the improvement in financial risk profile, supported by debt reduction

Crisil Ratings has upgraded the long-term bank facilities ratings of Jindal Stainless (JSL) to AA-/Stable. The previous assigned rating was Crisil A+/Stable. The rating of JSL’s short-term bank facilities have been reaffirmed at Crisil A1+.

Crisil Ratings also upgraded its rating on the long-term bank facilities of Jindal Stainless (Hisar) (JSHL) to ‘CRISIL AA-/Stable’ from ‘Crisil A+/Stable’, and also assigned its ‘Crisil A1+’ rating on the short-term bank facilities of JSHL.

“As per Crisil, this upgrade underlines significant improvement in business risk profile of JSL, along with Jindal Stainless (Hisar) Limited (JSHL), and a sustainable improvement in the operating efficiency