Fitch revises JSW Steel view to positive

Fitch Ratings said it revised JSW Steel Ltd.’s outlook to positive from negative,

“The outlook revision is based on our estimate that JSWS's leverage in the financial year ended March 2021 (FY21), excluding the impact of the Bhushan Power and Steel Ltd. (BPSL) acquisition, was materially lower yoy and compared with our previous expectations. We also expect leverage to continue to decrease,” the agency said in a press release.

Fitch also affirmed the BB- issuer rating and the rating on the outstanding bonds of JSW and its subsidiary Periama Holdings, LLC, which are guaranteed by JSWS, at BB- with an RR4 recovery rating.

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