Jindal Stainless Ltd (JSL) today said CARE has upgraded its rating to 'BBB-', reflecting the company's improved profitability, strengthening balance sheet and sustained operational progress.
"JSL, a leading stainless steel major, has received a rating upgrade from CARE (Ratings), to BBB-' from BB+," the company said in a statement.
Stating that the company was encouraged by the improvement of its rating, JSL MD Abhyuday Jindal said: "this development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level".
The CARE report further acknowledges the inherent strengths of the company, given its long track record and strong position in the domestic market, the company said.
JSL operates a stainless steel plant at Jajpur, Odisha with a capacity of 0.8 million tonnes per annum.
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