JSW Steel said today that credit rating agency ICRA has upgraded its long-term ranking.
The company said in a BSE filing that "ICRA has upgraded long-term rating to '[ICRA]AA(Stable)' from '[ICRA]AA-(Stable)' while it has reaffirmed short term ratings to [ICRA]A1+ for bank facilities, non-convertible debenture programme and commercial paper programme of the company".
As per ICRA scale, instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
The JSW filing said that the long-term rating takes into account a sustained improvement in the company's operating and financial performance on favourable demand and remunerative steel prices, a trend which the credit rating agency expects is likely to persist in the near-to-medium term.
JSW Steel -- the flagship company of the JSW Group -- is a leading integrated steel manufacturer.
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