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CARE Ratings Upgrades JSHL's Long-Term, Short-Term Bank Facilities

The ratings for JSHL's long-term bank facilities has been upgraded to CARE A+ and the rating for short-term bank facilities has also been upgraded to 'CARE A1+

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Jindal Stainless (Hisar) Ltd (JSHL) on Friday said domestic rating agency CARE Ratings has upgraded its long-term as well as short-term bank facilities.

The ratings for JSHL's long-term bank facilities has been upgraded to CARE A+ and the rating for short-term bank facilities has also been upgraded to 'CARE A1+, it said in a statement.

The previous ratings assigned to JSHL by CARE Ratings in January 2021, were CARE A- and CARE A2+, respectively.

A notch up means that there is less risk associated with the company, it said.

'This rating upgrade is a testimony to our operational excellence and internationally acclaimed product mix. We're already strengthening our Specialty Products Division (SPD) at Hisar which will further give us a competitive edge in domestic and exports markets,' Managing Director, JSHL, Abhyuday Jindal said.

JSHL is the largest specialty stainless steel producer in India with a diversified value added product portfolio. Its stainless steel plant at Hisar, Haryana has a total melting capacity of 0.8 million tonne per annum (MTPA). 

(PTI)