Fitch Ratings affirmed JSW Infrastructure's (BOM:543994, NSE:JSWINFRA) long-term foreign-currency issuer default rating and its $400 million senior secured notes due 2029 at 'BBB-', with a stable outlook, according to a Wednesday ratings commentary.

Fitch expects JSW Infrastructure's debt-to-EBITDA leverage to remain below 4 times through fiscal year 2030 despite higher capital spending.

The company plans to expand its cargo-handling capacity to 400 million tonnes a year by fiscal year 2030, while logistics revenue is expected to account for 40% of total revenue, up from 13% in fiscal year 2026.