Jindal Steel Odisha Limited, a key unlisted subsidiary, has received upgraded credit ratings from both CARE Ratings and ICRA Limited. The upgrades reflect enhanced financial stability and improved operational performance. The revised ratings are expected to positively impact the company’s financing terms and overall market perception. CARE Ratings upgraded long-term bank facilities to CARE AA; Stable. ICRA Limited upgraded long-term ratings to [ICRA]AA (Stable).
Credit Rating Upgrade by CARE
CARE Ratings Limited has upgraded the long-term bank facilities of Jindal Steel Odisha Limited to CARE AA; Stable, from the previous rating of CARE AA-; Stable. Furthermore, the long-term/short-term bank facilities rating has been upgraded to CARE AA; Stable / CARE A1+. These ratings reflect the company’s improved financial risk profile and operational efficiency.
ICRA Limited Rating Actions
ICRA Limited has also upgraded the credit ratings for Jindal Steel Odisha Limited. The long-term fund-based TL rating has been upgraded to [ICRA]AA (Stable) from [ICRA]AA- (Stable). Similarly, the long-term non-fund-based capex LC rating has been upgraded to [ICRA]AA (Stable) from [ICRA]AA- (Stable).
Working Capital Facilities Rating
The ratings for long/short term fund-based working capital facilities have been upgraded to [ICRA]AA (Stable)/[ICRA]A1+. The long-term rating was upgraded from [ICRA]AA- (Stable), while the short-term rating was reaffirmed.
Unallocated Facilities Rating
The ratings for long/short term unallocated facilities have been upgraded to [ICRA]AA (Stable)/[ICRA]A1+. The long-term rating was upgraded from [ICRA]AA- (Stable), while the short-term rating was reaffirmed.
Source: BSE
