Moody's Investors Service revises outlook on JSW Steel to negative

Move reflects deterioration in credit profile due to challenges brought by the pandemic

Moody's Investors Service today revised outlook for Sajjan Jindal-led JSW Steel to negative from under review reflecting deterioration in credit profile due to challenges brought by the pandemic.

"We believe that the company's financial metrics will likely recover to levels commensurate with the current ratings by the fiscal year ending March 2023 (fiscal 2023)," the agency quoted Kaustubh Chaubal, Vice President and Senior Credit Officer as saying.

"However, JSW's leverage and coverage will remain weak until that time, and the negative outlook indicates the risk of a downgrade if the steel industry does not recover as we currently expect or if there