CARE Ratings has upgraded the rating of the credit facilities of Jindal Stainless Limited to 'CARE BBB' with a stable outlook. The previously assigned rating by CARE was that of 'CARE BBB-'. Given JSL's strong financial and operational profile, the improved rating reflects a resilient business strategy despite interruptions caused due to pandemic over past few months.
CARE Ratings factors in the steady growth in the Company's sales and stable operating performance over a period of FY18 to FY20. CARE Ratings has upheld the Company's leadership position in the domestic stainless steel market. This is a testimony to the increased financial flexibility of JSL after its CDR exit and its consistent efforts for debt reduction.
Full read: Jindal Stainless rating upgrade by CARE.pdf (929.29 kb)