JSW Steel Limited has been assigned an Issuer Rating of 'A-' with a Stable Outlook by Rating and Investment Information, Inc. (R&I), a Japanese credit rating agency. The rating, announced on December 23, 2025, reflects JSW Steel's strong position in the robust Indian steel market, its competitive advantages in steel plant capabilities and product development, and its stable earning capacity. R&I noted that India's strong economic fundamentals underpin the steel industry. Despite ongoing global economic uncertainties, India's economy is expected to maintain firm growth driven by domestic demand and government initiatives. Factors such as challenges for foreign manufacturers entering the Indian market and recommended safeguard duties on steel imports further support domestic steel prices and JSW Steel's creditworthiness. The company is the largest steel manufacturer in India by crude steel production volume, operating multiple large-capacity steel plants, including the Vijayanagar plant. JSW Steel offers a wide range of products, with an increasing focus on value-added products, enhanced by technological cooperation with JFE Steel Corp. The company maintains a solid customer base and is expanding transactions with foreign automotive manufacturers. While JSW Steel is an equity-method affiliate of Japan's JFE Holdings, Inc., it maintains managerial independence. The rating is based on a standalone assessment, with collaboration effects from the JFE Group factored into business risk evaluation. R&I believes that JSW Steel's earning capacity, scale, and investment capacity meet the A rating category, and its financial balance remains adequate despite proactive investments. The company has strong access to financial markets and sufficient liquidity, with unused credit facilities and cash reserves.