New Delhi, July 27 -- CRISIL Ratings has reaffirmed ESL Steel Ltd's long-term credit rating at CRISIL AA/Stable and removed it from "Rating Watch with Developing Implications", signalling confidence in the company's business outlook as the Vedanta Group completes its demerger and strengthens its steel business.
The ratings agency said ESL Steel is an integral part of Vedanta Iron and Steel's long-term strategy and expects the company to emerge as the largest contributor to the parent company's earnings in the medium term. The assessment is backed by continued operational, managerial, and financial support from Vedanta Iron & Steel Ltd, including unconditional and irrevocable corporate guarantees for ESL's long-term debt.
According to CRIS...