Standard & Poor’s raises Tata Steel’s credit rating

August 9th, 2011 - 8:20 pm ICT by IANS  

New Delhi, Aug 9 (IANS) Global credit rating agency Standard & Poor’s (S&P;) Tuesday raised the rating of one of India’s largest steel companies, Tata Steel, for having been able to raise $2.8 billion through de-leveraging measures in the past 7 months.

“We are raising the rating on Tata Steel to ‘BB’ from ‘BB-’. We are also raising the issue rating on the company’s senior unsecured notes to ‘BB’ from ‘BB-’,” said S&P; in a statement.

The stable outlook on Tata Steel reflects our expectation that company’s operating performance will improve over the next 18-24 months.

The rating agency also said that it expected Tata Steel to maintain its significantly improved consolidated operating performance in fiscal 2012.

“At the same time, we are affirming the ‘B+’ rating on Tata Steel’s European subsidiary Tata Steel UK Holdings,” S&P; said.

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