Indian rating agency Crisil has for the first time assigned Indian steelmaker Jindal Stainless Limited (JSL) a A+/Stable rating for its long-term credit facilities, a company statement said on Tuesday, May 25.
“The rating acknowledges considerable deleveraging, as we have reduced the debt by around 35 percent, and we intend to maintain our focus on robust balance sheet management,” JSL managing director Abhyuday Jindal said.
The rating also took note of the consolidated business entity that will emerge after the ongoing merger of JSL and Jindal Stainless (Hisar) Limited, he said.
“This merged entity will have a large scale of operation with a high market share along with a diversified product basket,” he added.