From India Ratings and Research
Jindal Stainless announced that India Ratings and Research has upgraded the long term credit rating of the company to IND A+ which is three levels up from their earlier rating of 'IND BBB+'. The short-term credit rating of the company has also been upgraded to 'IND A1+'.The key reasons for the upgrade include accelerated deleveraging, supported by the prepayments of debt, which was originally scheduled to be repaid over FY22-FY23, in FY21 along with a strong operating performance. The rating also factors in the benefit of proposed amalgamation, coupled with strong group linkages considering the same line of business along with strong operational, strategic, and financial linkages.
Earlier in May this year, CRISIL Ratings had assigned 'CRISIL A+/Stable' rating to the long-term credit facilities of JSL. Short-term credit facilities of JSL were rated 'CRISIL A1'.
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