Ratings agency ICRA has revised its outlook on the long term rating for JSW Steel from Stable to Negative based on the fall in profits on the back of low steel prices as well as weakness in domestic demand, JSW Steel said in a stock exchange filing ” ICRA has reaffirmed long-term rating to [ICRA]AA and short term rating to [ICRA]A1 + for bank facilities, non-convertible debenture program and commercial paper program of the Company. The Outlook on the long-term rating has been revised to Negative from Stable.”
It added “The revision in the rating outlook takes into account the expected moderation in JSW Steel’s profits and coverage indicators in FY2020 following weakness in domestic as well as international steel prices, and a moderation in domestic demand,” JSW Steel said.
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