According to Fitch Ratings: “the upgrades reflect JSL‘s efficiency in expanding its cash flow from operations during the past few years, despite sluggish economic growth. The rating actions also factor in the company‘s improved competitive position due to investments. JSL‘s ratings are constrained at ‘BB‘ and ‘A+‘ due to the capital-intensive nature of its business and its aggressive growth strategy. The company‘s commitment to a strong liquidity position vis-a-vis its short-term obligations is also a key consideration for the ratings”.
The result of this reassessment as detailed below:
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