Crisil upgrades Jindal Steel NCD ratings to BBB positive as plant restarts

Upgrade reflects improvement in JSPL's business risk profile over medium term

Rating agency Crisil has upgraded its ratings on bank facilities and non-convertible debentures (NCDs) of Jindal Steel and Power Limited (JSPL) to 'CRISIL BBB/Positive/CRISIL A3+' from 'CRISIL BBB-/Stable/CRISIL A3'.

The upgrade reflects expected improvement in JSPL's business risk profile over the medium term, due to to the restart of the 1.8 mtpa coal gasification process (CGP)-based Direct Reduced Iron (DRI) plant at Angul, Odisha, the ratings agency said in a release.

Crisil has also withdrawn its rating of NCDs worth Rs 300 crore at the company's request and on receipt of an independent confirmation of redemption from the debenture trustee.