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Moody's Completes Periodic Review of Ratings of JSW Steel Limited

Steel News - Published on Tue, 21 Jan 2020

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Moody's Investors Service has completed a periodic review of the ratings of JSW Steel Limited and other ratings that are associated with the same analytical unit. Key rating considerations are summarized below.

JSW Steel Limited's Ba2 corporate family rating (CFR) reflects the company's following strengths: (1) large scale and strong position in its key markets; (2) competitive conversion costs, as a result of its efficient operations and the use of latest furnace technology; and (3) good product and end market diversification, with an increasing focus on value-added products and retail sales.

Counterbalancing these strengths, the rating also incorporates JSW's (1) exposure to the inherently cyclical steel industry; (2) limited raw material integration; (3) large capital spending needs; and (4) loss-making international operations which will constrain free cash flow generation over the next 12-18 months.

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Posted By : Rabi Wangkhem on Tue, 21 Jan 2020
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