Fitch Ratings has withdrawn the 'BB(EXP)' expected rating assigned to India-based JSW Steel (JSWS, BB/Stable) proposed US dollar senior unsecured notes.

The company had intended to use the proceeds from the issue to repay debt, fund capex or any other purpose in accordance with regulations.

Fitch is withdrawing the expected rating as JSWS' proposed debt issuance is no longer expected to convert to final ratings, as the company has not proceeded with the notes issue within the previously envisaged timeline.

The expected rating on the proposed notes was assigned on March 11, 2018. JSWS is evaluating its options and may issue notes at a later stage.

Shares of the company gained Rs 4.7, or 1.43%, to trade at Rs 333.40. The total volume of shares traded was 37,721 at the BSE (10.34 a.m., Wednesday).