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Jindal Stainless receives upgrade in credit ratings

Capital Market 

Jindal Stainless (JSL) announced that CARE Rating has upgraded the rating of the credit facilities of JSL to 'CARE BBB' with a stable outlook. The previously assigned rating by CARE was that of 'CARE BBB-'. Given JSL's strong financial and operational profile, the improved rating reflects a resilient business strategy despite interruptions caused due to . pandemic over past few months.

CARE Ratings factors in the steady growth in the Company's sales and stable operating performance over a period of FY18 to FY20. CARE Ratings has upheld the Company's leadership position in the domestic stainless steel market. This is a testimony to the increased financial flexibility of JSL after its CDR exit and its consistent efforts for debt reduction.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, August 29 2020. 10:14 IST