 "steel, bhsuhan steel, tata steel, tata steel BSL, IBC, insolvency")
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Crisil has also withdrawn its rating of NCDs worth Rs 300 crore at the company's request and on receipt of an independent confirmation of redemption from the debenture trustee.
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