India's Tata Steel Assigned 'BB+' Foreign Currency Rating; 'BBB' Local Currency Rating
- ID: 1781547
- March 2005
- Region: India
- Standard & Poors
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Research type: News
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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