TEXT-S&P summary: Tata Steel Ltd.

Thu Sep 6, 2012 8:03am EDT

Sept 06 -

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Summary analysis -- Tata Steel Ltd. ------------------------------- 06-Sep-2012

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CREDIT RATING: BB/Negative/-- Country: India

Primary SIC: Steel foundries,

nec

Mult. CUSIP6: 87656Y

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Credit Rating History:

Local currency Foreign currency

09-Aug-2011 BB/-- BB/--

05-Feb-2009 BB-/-- BB-/--

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Rationale

The rating on Tata Steel Ltd. reflects the poor performance of the company's European operations--Tata Steel UK Holdings Ltd. (TSUKH; B+/Negative/B)--weak steel demand, and surplus steelmaking capacity globally. Tata Steel's highly integrated India business tempers these weaknesses.