JSW Steel says Fitch revises outlook on company to negative from stable

Topics JSW steel | Fitch Rating

JSW Steel on Wednesday said Fitch has revised the outlook on the company to 'negative' from 'stable'.

"Fitch has affirmed Long-Term Issuer Default (IDR) Rating to 'BB'. The outlook on the IDR has been revised to negative from stable," the steel major said in a filing to the BSE.

The revision of the outlook reflects the risks in the company's ability to deleverage and generate positive free cash flow because of the various challenges in the Indian market, JSW Steel said.

The agency has also affirmed JSW's senior unsecured rating and the rating on its senior unsecured notes at 'BB', the filing said.

JSW Steel stock was trading at Rs 261.15, down 0.59 per cent, on the BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel