ICRA upgrades JSPL’s long and short term bank facilities

Thursday, 30 September 2021 11:56:06 (GMT+3)   |   Kolkata

Indian rating agency ICRA has upgraded Indian steelmaker Jindal Steel and Power Limited’s (JSPL) long term bank facilities rating to “ICRA A+” with ‘positive outlook’, from “ICRAA” with a “stable outlook”, a statement from the steel company said on Thursday, September 30.

The rating agency said it has also upgraded its rating on the short-term bank facilities of JSPL to “ICRA A1+” from “ICRA A1”, the statement said.

According to the rating agency report, JSPL’s sustained healthy and better-than-anticipated performance in recent quarters and a significant reduction in its debt levels facilitated a material improvement in its credit metrics and liquidity profile.

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