India's Tata Steel Assigned 'BB+' Foreign Currency Rating; 'BBB' Local Currency Rating
Standard & Poors, March 2005
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Abstract
SINGAPORE (Standard & Poor's) March 24, 2005--Standard & Poor's Ratings Services today assigned its 'BB+' foreign currency and 'BBB' local currency credit ratings to India-based The Tata Iron and Steel Co. Ltd. (Tata Steel). The outlook is stable. Tata Steel is the second-largest steel producer in India, with finished steel capacity of four million tonnes per year (mtpy) in fiscal 2004. In the nine-months ended Dec. 31, 2004, the company generated net profit of Indian rupee (Re) 26 billion (US$590 million) and had total assets of Re166 billion. Tata Steel is currently expanding its steel capacity to 7.4 mtpy by fiscal 2008. In addition, the company recently completed a Singapore dollar 486 million (US$300 million) acquisition of the steel business...
Companies mentioned in this report are: Tata Steel Ltd.
Action: New Rating
Tata Steel Ltd.
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