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JSW Infra Assigned Baa3 Rating, 2029s Upgraded Following QIP Equity Raise
– By Amruth Sundarkumar
JSW Infrastructure Limited was assigned a Baa3 issuer rating and its prior corporate family rating of Ba1 was withdrawn. Its $400mn 4.95% 2029s were upgraded to Baa3 from Ba1. The rating agency pointed to JSW Infra’s enhanced financial flexibility following a recent INR 65.5bn ($690mn) equity issuance via a Qualified Institutional Placement (QIP). This cash proceeds is set to allow the company to fund large-scale port expansions and pay down debt without relying heavily on new borrowing. Moody’s projects that the funds from operations (FFO)-to-debt ratio will remain between 30-40% over the next two years. Also, it added that the company’s financial stability is further anchored by long-term take-or-pay contracts, inflation-linked tariffs, and dollar denominated revenues. Additionally, its primarily non-oil cargo mix largely protects JSW Infra from the ongoing Middle East geopolitical conflicts.
JSW Infra’s 4.95% 2029s were trading stable at 99 cents on the dollar, yielding 5.4%.
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