Overview
- CARE Ratings upgraded Jindal Steel's long-term credit rating to CARE AA+ (Stable) on Wednesday, July 1, marking a one‑notch rise from CARE AA (Stable).
- The agency reaffirmed the company's short‑term CARE A1+ rating and upgraded the rating on Jindal Steel's proposed non‑convertible debenture (NCD) issue to CARE AA+ (Stable).
- CARE also raised the long‑term bank facility rating for wholly owned unit Jindal Steel Odisha Limited to CARE AA+ (Stable) while keeping its short‑term rating at A1+.
- CARE attributed the upgrades to sustained operational performance, a strong balance sheet and disciplined financial management, and said the change should lower perceived borrowing risk.
- Jindal Steel published CARE's full rationale in its regulatory filings and said the higher rating will strengthen financial flexibility and help the company raise capital to support its growth plans.