JSW Steel: Moody’s Premature Rating Upgrade
Moody’s upgraded the senior unsecured bond rating of JSW Steel Limited (JSW) to Ba2 from Ba3 on 6-March. The outlook remains stable. We believe Moody’s upgraded JSW’s senior unsecured bond rating prematurely given management’s plan to borrow an additional USD1.5bn and management’s indication to pursue aggressive acquisitions in the domestic and international markets.
JSW Steel Limited is a holding company. The Company is engaged in the business of production and distribution of iron and steel products. Its segments include Steel; Power (used mainly for captive consumption), and Others, which includes cement, mining and construction activities. Its product portfolio in flat and long steel products includes hot rolled (HR) coils, sheets and plates; cold rolled coils and sheets; galvanized products; galvalume products; non-grain oriented electrical steel (CRNGO); pre-painted galvanized products (color coated sheets/coils); pre-painted galvalume products; wire rods; special steel bars/wires; rounds and blooms, and angles. Its color coated products include JSW Pragati, JSW Colouron and JSW Colouron+. Its galvanized products include JSW Vishwas and GALVOS. It has plants in over six locations in India, including Vijayanagar in Karnataka, Salem in Tamil Nadu, and Tarapur, Vasind, Kalmeshwar and Dolvi in Maharashtra.
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