 "CRISIL Ratings upgrades Jindal Stainless' rating to stable from positive")
Stainless steel producer Jindal Stainless on Monday said Crisil Ratings has upgraded its rating to stable.
Crisil Ratings upgraded the company's rating to stable from positive, the company said.
"Long-term bank facilities and debt programme of Jindal Stainless Ltd (JSL) were revised from Crisil AA-/Positive to Crisil AA/Stable," the stainless steel producing company said in a filing to the BSE.
As per Crisil, the ratings upgrade for Jindal Stainless acknowledges an improved business risk profile, forward integration through recent capacity expansions and acquisitions, and effective working capital management, Jindal Stainless Managing Director Abhyuday Jindal said.
The enhanced rating for Jindal Stainless reflects the company's prudent capital allocation strategy for strong business management, Jindal Stainless Group CFO and Executive Director Anurag Mantri said.
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