March 18, 2025 05:51 GMT
India: Steelmaker ratings headroom to shrink
EM ASIA CREDIT
"*Fitch Ratings: Indian Steelmakers' Rating Headroom Narrows amid Cheap Imports, Tariff Risks" - BBG
- In summary, Fitch highlights that U.S. Tariffs on China steel products will lead to more of the product being available, and more cheaply, in Asia.
- This will negatively impact Indian domestics steel makers, including JSW Steel and Tata Steel.
- The agency expects both JSW Steel and Tata Steel to breach their rating thresholds for leverage of 3.7x and 3.0x respectively in FY'25 with limited headroom for FY'26 .

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