JSW Steel receives a Bal corporate family rating from Moody's.

The domestic JSW Steel Limited (JSW) has been awarded a Ba1 corporate family rating (CFR) by global rating agency Moody's. The ratings agency stated in a report released on Monday that JSW's Ba1 CFR reflects the company's size and strong market position in India, as well as its competitive conversion costs, which come from efficient operations and use of the newest furnace technology. Furthermore, it stated that the rating also represents JSW Steel's ongoing efforts to strengthen its backward integration into essential raw materials, good product and end-market diversification, and growing emphasis on value-added goods and retail sales. Moody's said it has also "affirmed the Ba1 ratings on JSW's senior unsecured notes, Periama Holdings LLC's guaranteed backed senior unsecured notes, and the US$40 million guaranteed senior unsecured revenue bonds issued by Jefferson County Port Authority, and maintained the stable outlook on JSW and Periama Holdings." Simultaneously, Moody's has rated the proposed USD 145 million bonds that Jefferson County Port Authority intends to issue as Ba1 bonds. The proceeds from the bond issuance will be loaned to JSW Steel USA Ohio, Inc. (JSW Ohio), a wholly-owned indirect subsidiary of JSW, and used to fund the ongoing capital expenditure for the installation of a vacuum tank degasser and improvements to a continuous slab casting machine, as well as for other process improvements. The tax-exempt senior unsecured bonds will be guaranteed by JSW and carry a tenor of around 30 years."The proposed bonds are backed by an unconditional, irrevocable corporate guarantee from JSW of up to 125% of the notes' face value, and will rank pari passu with the company's existing senior unsecured debt. As a result, they are rated at the same level as JSW's senior unsecured debt rating," said Kaustubh Chaubal, a Moody's Senior Vice President.

JSW Steel, a part of JSW Group, is among the top 5 steel producing companies in India having global presence.