Credit Rating- Revision

ICRA Limited upgraded JSW Steel Limited's long-term credit rating to [ICRA]AA+ with a stable outlook. The upgrade follows significant deleveraging from a slump sale transaction and equity infusion by JFE Steel Corporation. JSW's adjusted net leverage is expected to remain comfortable at ~2 times in FY2027 and below 2.5 times over the next 3-4 years despite large capex plans. The rating reflects JSW's strong market position, integrated operations, raw material security, and healthy liquidity. Risks include execution of large capex, overseas earnings volatility, price and forex risks, and promoter share pledge. The stable outlook indicates expected credit profile support from steel spreads, demand, and value-added product mix.