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JSW Steel: Moody’s Premature Rating Upgrade

Moody’s upgraded the senior unsecured bond rating of JSW Steel Limited (JSW) to Ba2 from Ba3 on 6-March. The outlook remains stable. We believe Moody’s upgraded JSW’s senior unsecured bond rating prematurely given management’s plan to borrow an additional USD1.5bn and management’s indication to pursue aggressive acquisitions in the domestic and international markets.

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