JSWSL : CREDIT RATING UPGRADED BY FITCH

• Long-Term Issuer Default Rating upgraded to 'BB+' from 'BB'. • The Outlook is Positive. • Follows receipt of proceeds from selling steel assets to a 50:50 joint venture with JFE Steel Corporation. • EBITDA net leverage expected to remain below 2.7x and could improve to around 2.0x. • Impact: Positive (Upgrade reflects improved leverage profile and strong business positioning)

JSW Steel Limited

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