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Standard & Poor's Assigns 'BBB' Corporate Credit Rating (Local Currency) and 'BB+' Foreign Currency Rating To Tata Steel With Stable Outlook
International Credit Rating Agency Standard & Poor's (S&P) have today assigned Tata Steel 'BBB' Local currency (Corporate) Rating and 'BB+' Foreign Currency rating with stable outlook. The 'BBB' fundamental rating for Tata Steel is two notches above Standard & Poor's current sovereign rating (local currency) of 'BB+' for India. This is the highest rating amongst all Indian Companies and compares favourably with Global Steel companies. The Foreign currency rating of 'BB+' for Tata Steel is at par with the Standard & Poor's current sovereign rating (foreign currency) of 'BB+' for India.
According to Standard & Poor's, "The rating on Tata Steel reflects its competitive cost position, which is derived from its integrated operations. Through the modernization of facilities and introduction of new processes, the company has been able to constantly improve its operating efficiencies, making it one of the lowest cost producer of steel globally. In addition, Tata Steel has been continuously enriching its product mix, which should provide improved margins and stability in revenue".