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.


Most Recent Related Articles

India’s Balu Forged takes charge of Hilton Metals factory with renting deal

Crisil raises short-term borrowings rating of India’s Jindal Stainless

JSPL: Indian steel prices to rise further with coal prices tripling in one month

Ind-Ra: Indian steel industry outlook maintained at ‘stable’ for H2 FY 2021-22

ABB to supply technology and equipment to Tata Steel to improve quality, lower production cost