New Delhi, July 6 -- Fitch Ratings has upgraded JSW Steel Limited's Long-Term Issuer Default Rating and senior unsecured bonds to 'BB+' from 'BB', and removed the ratings from Rating Watch Positive, the company said in an exchange filing on Monday. The outlook is now Positive on the company, JSW said in a press release citing the rating agency's report.

The upgrade follows JSW Steel receiving Rs 294 billion in March 2026 and Rs 79 billion in June 2026 from the sale of steel assets to JSW JFE Kalinga Steel Limited (JJKSL), its newly formed 50:50 JV with Japan's JFE Steel Corporation.

Fitch said the upgrade reflects its expectation that EBITDA net leverage, including proportionate consolidation of JJKSL, will remain below 2.7x and could i...