CARE reaffirms ratings of JSW Steel’s bank facilities

Credit rating agency, CARE has reaffirmed ‘AA’ rating to JSW Steel’s long term bank facilities worth Rs 22,995.80 crore and ‘A1+’ rating to company’s Short term Bank Facilities worth Rs 11,744.00 crore. The rating agency has also reaffirmed AA/A1+ rating to the company’s Long-term/Short-term bank facilities worth Rs 9,900.20 crore. The company has received the said ratings on the back of its significant presence in the Indian steel sector, its experienced management with well-established track record in brownfield project execution and cost management expertise, well-diversified product mix with increasing share of value added and upstream products, improvement in operational performance during FY13 (refers to the period from April 1, 2012 to March 31, 2013) and 9MFY14 (refers to the period from April 1, 2013 to December 31, 2013) as well as improving availability of iron ore in Karnataka, though, at a slow pace. JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.