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Bond Market News
JSW Steel Upgraded to BB+ by Fitch
July 7, 2026
– Vandit P
JSW Steel Limited was upgraded by a notch to BB+ from BB by Fitch. The upgrade follows JSW Steel receiving sale proceeds of INR 373bn ($3.9bn) from divesting steel assets into its newly formed 50:50 joint venture with JFE Steel Corporation, JSW JFE Kalinga Steel Limited (JJKSL). Fitch expects EBITDA net leverage to fall to ~2.0x from FY2027, down from 2.5x in FY2026 and 4.0x in FY2025. A sustained drop below 2.0x could prompt an upgrade to BBB-, the rating agency added. Fitch cited JSW Steel’s improved financial discipline and rising steel profitability with standalone EBITDA per tonne expected to reach INR 10,750 ($112.85) in FY2027 and INR 11,250 ($118.1) in FY2028. Fitch projects robust volume growth of about 8% annually over FY2028-30 driven by the Dolvi expansion and BMM Ispat’s merger. Fitch also noted manageable joint venture equity commitments, improving raw-material self-sufficiency, and JSW Steel’s cost-efficient operations.
Its 3.95% 2027s were stable at 99.0, yielding 5.3%.
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