Global rating agency Moody’s has affirmed Ba1 corporate family rating (CFR) on home-grown JSW Steel Limited (JSW).
JSW’s Ba1 CFR reflects the company’s large scale and strong market position in India, its competitive conversion costs, resulting from efficient operations and use of the latest furnace technology, the ratings agency said in a report issued on Monday. Besides, the rating also reflects JSW Steel’s continuous efforts in improving its backward integration into key raw materials and good product and end-market diversification, with an increasing focus on value-added products and retail sales, it said.
Moody’s said it has also “affirmed the Ba1 ratings on JSW’s senior unsecured notes, Periama Holdings LLC’s guaranteed backed senior unsecured notes, and the US$40 million guaranteed senior unsecured revenue bonds issued by Jefferson County Port Authority, and maintained the stable outlook on JSW and Periama Holdings.” At the same time, Moody’s has assigned Ba1 rating to the proposed USD 145 million bonds to be issued by Jefferson County Port Authority.
