Ind-Ra Reaffirms 'IND BBB' to Jindal Stainless.
Jindal Stainless Ltd. (JSL), India's largest stainless steel producer, has been reaffirmed a long-term issuer rating of 'BBB' with a stable outlook by India Ratings and Research (Ind-Ra). The Company sustained its rating despite operational disruptions caused due to Covid-19. This is a testimony to the increased financial flexibility of JSL after its CDR exit
Jindal Stainless Ltd. (JSL), India's largest stainless steel producer, has been reaffirmed a long-term issuer rating of 'BBB' with a stable outlook by India Ratings and Research (Ind-Ra). The Company sustained its rating despite operational disruptions caused due to Covid-19. This is a testimony to the increased financial flexibility of JSL after its CDR exit and its consistent efforts for debt reduction. Ind-Ra has expressed confidence in the Company as domestic and export markets for stainless steel are expected to recover to pre-Covid-19 levels by 2HFY21. A Rs 800 crore fund recently raised by JSL has also been assigned 'BBB' rating. Commenting on this development, “The consistent rating emphasizes JSL's comfortable debt and improved financial position. The report suggests an early recovery for stainless steel sector post Covid-19; a revival we are already witnessing. Our focus on operational efficiency and cost reduction, as mentioned in the report, will be sustained in the future as well,” stated Abhyuday Jindal, Managing Director, JSL.
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