Fitch upgrades JSW Steel rating to BB plus with Positive Outlook

Fitch Ratings upgraded JSW Steel's Long-Term Issuer Default Rating and senior unsecured bonds to BB plus from BB, removing them from Rating Watch Positive, and assigned a Positive Outlook. The upgrade follows receipt of about INR373 billion from selling steel assets to a JFE Steel joint venture, which helped improve leverage. Fitch expects EBITDA net leverage to fall toward 2.0x by FY27, from 4.0x in FY25, supported by rising steel prices, higher volumes and cost efficiencies.