Moody's has assigned India's JSW Steel Limited a long-term issuer rating of Baa3 with a stable outlook, assigning the company a global investment rating, the company said in a statement on Friday, July 31.
Moody's noted a steady improvement in the rating. The statement said JSW Steel is India's largest steel producer with competitive costs, operating in multiple locations.
The rating agency also pointed to a significant decrease in debt due to stable operational and financial performance and recent asset disposals.&Евро;
The rating action also reflects the significant expansion of JSW Steel's operational scale over the past few years, which Moody's said has strengthened its position as India's largest steel producer.&Евро;
The agency expects the exit of the recently completed projects in Vijayanagar Steel Works of South India, as well as the commissioning next year of the Dolvi steel mill in Maharashtra, which will increase profits and support sustainable improvement of creditworthiness indicators.
The Stable outlook also reflects Moody's expectations that JSW Steel will fulfill its growth plans while maintaining financial discipline, while actively managing the refinancing of its debt obligations, the statement said.
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