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.