Jindal Steel Earns CARE AA+ Credit Rating Upgrade, Reinforces Financial Strength and Sustainable Growth
· Free Press Journal
Jindal Steel Limited on Wednesday announced that CARE Ratings Limited has upgraded the Company's long-term credit rating to CARE AA+ Stable from CARE AA; Stable, reaffirming the Company's strong financial profile, prudent capital management and sustained business performance. The rating agency has also reaffirmed the Company's CARE A1+ rating for its short-term bank facilities. In addition, CARE Ratings has upgraded the rating assigned to Jindal Steel's proposed Non-Convertible Debenture (NCD) issue from CARE AA; Stable to CARE AA+; Stable. Further strengthening the Group's credit profile, CARE Ratings has upgraded the long-term bank facilities rating of Jindal Steel Odisha Limited, a wholly owned subsidiary of Jindal Steel, from CARE AA; Stable to CARE AA+; Stable, while reaffirming its CARE A1+ rating for short-term bank facilities. The rating upgrade reflects the Company's robust operational performance, strong balance sheet, disciplined financial management and continued focus on sustainable, long-term value creation. The improved rating is expected to further strengthen Jindal Steel's financial flexibility and enhance its ability to access capital efficiently in support of its strategic growth plans.
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The detailed rating rationale issued by CARE Ratings is available as part of the Company's regulatory disclosures and also available on the Company's website.