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JSW Steel's ratings upgraded by ICRA, reflecting a strengthened financial profile and growth potential

30-Jul-26   21:25 Hrs IST
JSW Steel Ltd announced upgrades and reaffirmations to its ratings across various instruments by ICRA Limited, reflecting a strengthened financial profile. ICRA upgraded several instruments, including Long-Term Fund Based Term Loans/Standby Letter of Credit Facilities, Long-Term/Short-Term ratings, and Non-Convertible Debentures to [ICRA] AA+ Stable, while reaffirming Short-Term Fund Based/Non-Fund Based Facilities at [ICRA] A1+. Additionally, ICRA upgraded the rating for the NCD programme (ISIN: INE019A08033) to [ICRA] AA+ Stable and withdrew it following full redemption, alongside upgrades to RBI limits and Commercial Paper Programmes. The agency also noted a potential for further upgrades based on sustained healthy growth and improved leverage, and expects adjusted net leverage to remain below 2.5 times over the next 3-4 years, considering proportionate financials of JSW JFE Kalinga Steel Limited.

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