Moody's adjusts JSW Steel's ratings with negative outlook
Moody's, an international credit rating agency, announced that it has adjusted the Ba2 corporate family rating and Ba2 senior unsecured debt rating of India’s steelmaker JSW Steel to a negative outlook.
However, according to JSW's rating results, Moody's expected that the manufacturer should be able to restore financial indicators to an appropriate level before the fiscal year of March 2023, which would help the company maintain above-average profitability.
Moody's expected that the manufacturer's EBIT margin would drop to single digits for the first time in 14 years as the epidemic led to a decline in demand, but the company's profitability at 8% would remain at the high end of its Ba rating range.
