Ind Ra affirms SAIL credit ratings at 'IND AA' with Stable outlook

7 Sep 2022 , 02:40 PM

India Ratings and Research (Ind-Ra) has affirmed Steel Authority of India Limited’s (SAIL) Long-Term Issuer Rating at ‘IND AA’. The Outlook is Stable. Further, commercial papers worth Rs800 crore  affirmed at ‘IND A1+’.

According to the rating rationale report, Ind-Ra continues to take a consolidated view of SAIL and its subsidiaries, SAIL Refractory Company Limited (100% stake owned by SAIL) and Chattisgarh Mega Steel Limited (74%), and has also factored in the availability of support to the company from the government of India (GoI). 

The affirmation reflects SAIL’s continued strong business profile and accelerated deleveraging during FY21-FY22, resulting from a sustained improvement in the company’s operations and a significant increase in its EBITDA.

At around 2:36 PM, Steel Authority of India Ltd is currently trading at Rs81.90 per share down by Rs0.05 or 0.06% from its previous closing of Rs81.95 per share on the BSE.

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