Care Ratings downgrades Tata Steel credit rating by one notch
Tata Steel announced on Thursday of downgrading its credit rating by one notch by Care Ratings.
Care Ratings has recently downgraded credit rating of Tata Steel on account of the uncertainties relating to the disposal and restructuring of Tata Steel's UK business, cited the company in a filing to the BSE.
The ratings agency has downgraded unsecured NCD, long-term unsecured rupee loan and unsecured subordinated perpetual securities credit rating of Tata Steel by one notch.
“According to Care Ratings, the uncertainities relating to the disposal and restructuring of Tata Steel's UK business has triggered a revision of Tata Steel's credit rating. The rating has been downgraded by one notch,” Tata Steel said in a filing.
As per the Tata Steel statement, the ratings agency has revised its long-term unsecured rupee loan credit rating from 'AA+' to 'AA'. Similarly, the rating for the company's unsecured subordinated perpetual securities has been revised from 'AA+' to 'AA-'
The rating for its unsecured NCD has been revised from 'AA+' to 'AA'.
On Thursday, the stock of Tata Steel closed down 0.11% or Rs 0.50 at Rs 467.10 on the BSE.
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