Moody’s lifts JSW Steel view to stable

Moody's Investors Service said it changed JSW Steel Ltd.'s outlook to stable from negative and affirmed its corporate family rating and senior unsecured ratings at Ba3.

The outlook change reflects the sustained improvement in JSW's operating and financial performance over the last four quarters, Moody’s said.

The stable outlook also considers the completion of the company's capital expenditure cycle, which will result in positive free cash flow and applied towards debt reduction, the agency said.

Steel prices in India have recovered from the lows observed during the fiscal year ended March 2016, following various measures by the government of India to curb imports, Moody’s said.

The price recovery and the positive momentum across global steel markets since April 2016 has led to a marked improvement in JSW's operating performance so far in 2017, the agency said.

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