Crisil Ratings has upgraded India’s Jindal Stainless Limited’s (JSL) rating to stable from positive, the company said in a regulatory filing on Tuesday, November 14.
“Long-term bank facilities and the debt programme of JSL have been revised from Crisil AA-/Positive to Crisil AA/Stable,” the company statement said.
According to Crisil, the ratings upgrade for JSL acknowledges an improved business risk profile, forward integration through recent capacity expansions and acquisitions, and effective working capital management, JSL noted in its filing.