JSW Steel Limited — Credit Ratings, 12-12-2025: Credit Rating- Revision

ICRA has placed JSW Steel's long-term bank facilities and NCD ratings at [ICRA]AA on 'Rating Watch with Positive Implications'. Its short-term ratings ([ICRA]A1+) are reaffirmed. This reflects a strategic 50:50 JV with JFE Steel for Bhushan Power & Steel's business. The deal is expected to significantly deleverage JSW Steel's balance sheet by around Rs. 37,000 crore, boosting its financial profile.