General Announcement::Intimation of Rating upgrade

JSWSL: SECT: MUM: SE: 2020-21
August 23, 2021
1.	National Stock Exchange of India Ltd.	2.	BSE Limited
	Exchange Plaza		Corporate Relationship Dept.
	Plot No. C/1, G Block		Phiroze Jeejeebhoy Towers
	Bandra - Kurla Complex		Dalal Street,
	Bandra (E), Mumbai - 400 051		Mumbai - 400 001.
	NSE Symbol: JSWSTEEL		Scrip Code No.500228
	Kind Attn: Mr. Hari K, President (Listing)		Kind Attn: The General Manager (CRD)

Sub:	Intimation of Rating upgrade under Regulation 30(6) of the Securities Exchange
	Board of India (Listing Obligations and Disclosure Requirements) Regulations,
	2015, ("Listing Regulations 2015")
Dear Sir,

In compliance with Regulation 30(6) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations 2015") we hereby inform you that, ICRA Limited Ltd vide their release dated August 23, 2021 has upgraded the Company's rating for Long Term Bank Facilities and Non-ConvertibleDebentures to "[ICRA] AA"; Stable Outlook, from "[ICRA] AA- "; Positive Outlook and has reaffirmed the ratings for the Short Term Bank facilities and Commercial Paper at "[ICRA] A1+".

The details are tabulated as under:

	Credit	Rating Type of Credit Rating	Existing Rating	Revised Rating
	Agency
			Long	Term	Bank	[ICRA] AA-	[ICRA] AA
			Facilities	and	Non-
	ICRA Limited	Convertible Debentures	Outlook (Positive)	Outlook (Stable)
	Short	Term	Bank	[ICRA] A1+	[ICRA] A1+
			Facilities		and		(Reaffirmed)
			Commercial Paper

A copy of the report covering the rationale for the rating is available on their website at the given below link:

https://www.icra.in/Rationale/ShowRationaleReport/?Id=105753

This is for your information and records.

Thanking You,

Yours faithfully,

For JSW STEEL LIMITED

Lancy Varghese

Company Secretary

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