New Delhi, Oct 11 (PTI) CareEdge Ratings has upgraded its ratings on stainless steel player Jindal Stainless Ltd (JSL) with a stable outlook.

"CareEdge Ratings has upgraded the credit ratings to AA/outlook stable from AA-/stable...on the long-term bank facilities and non-convertible debentures," JSL said in a statement on Wednesday.

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The rating on the short-term bank facilities has been reaffirmed at CARE A1+ by the agency, the statement said.

"The upgrade by CareEdge Ratings, attributed to Jindal Stainless' resilient operational and profitability performance, is a reaffirmation of our efforts to offer end-to-end sustainable solutions.

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"Our focus to increase the share of value-added products, along with the flexibility to shift between domestic and export markets has enabled the company to withstand adverse industry cycle," Jindal Stainless Managing Director Abhyuday Jindal said.

The ratings agency has revised its outlook in view of its consistently improving sales volumes and higher than envisaged profit before interest, lease rentals, depreciation and taxation (PBILDT) per tonne over the last two years.

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