ICRA upgrades JSW Steel's long-term ranking

JSW Steel said today that credit rating agency ICRA has upgraded its long-term ranking.

The company said in a BSE filing that "ICRA has upgraded long-term rating to '[ICRA]AA(Stable)' from '[ICRA]AA-(Stable)' while it has reaffirmed short-term ratings to [ICRA]A1+ for bank facilities, non-convertible debenture programme and commercial paper programme of the company".

As per ICRA scale, instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.

The JSW filing said that the long-term rating takes into account a sustained improvement in the company's operating and financial performance on favorable demand and remunerative steel prices, a trend which the credit rating agency expects is likely to persist in the near-to-medium term.

JSW Steel -- the flagship company of the JSW Group -- is a leading integrated steel manufacturer.

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