July 26, 2012 / 12:02 PM / 6 years ago

TEXT-S&P revises Tata Steel outlook to negative; 'BB' rtg affirmed

July 26 -


— India-based Tata Steel’s operating performance was lower than our expectation, particularly in its European operations.

— In our view, the company’s performance will remain weak over the next 12 months, thus hurting its financial metrics.

— We are revising the outlook on Tata Steel to negative from stable and affirming the ‘BB’ long-term corporate credit rating on the company.

— The negative outlook reflects our expectation of continued poor performance from the company’s European subsidiary Tata Steel UK Holdings Ltd.

Rating Action

On July 26, 2012, Standard & Poor’s Ratings Services revised the outlook on India-based Tata Steel Ltd. to negative from stable. At the same time, Standard & Poor’s affirmed its long-term corporate credit rating at ‘BB’. Standard & Poor’s also affirmed the ‘BB’ issue rating on Tata Steel’s senior unsecured notes.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below