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U.K. Steelmaker Corus Group PLC 'BB' Long-Term Rating Still On Watch Developing After Auction
Standard & Poors, January 2007
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
MOSCOW (Standard & Poor's) Jan. 31, 2007--Standard & Poor's Ratings Services said today that it kept its 'BB' long-term corporate credit rating on U.K.-based steelmaker Corus Group PLC on CreditWatch with developing implications, following the completion of the auction process, during which India-based steel manufacturer Tata Steel Ltd. (BBB/Watch Neg/--) offered the highest bid of 608 pence per share. This values the company at -5.75 billion, up from the 455 pence per share of the initial bid (-4.3 billion valuation). At the same time, the 'BB+' long-term debt rating on Corus' -700 million senior secured bank loan and the 'BB-' unsecured debt ratings on Corus remain on CreditWatch with developing implications. The 'B' short-term corporate credit rating remains on CreditWatch...
Companies mentioned in this report are: Corus Group PLC,Tata Steel Ltd.
Action: CreditWatch Update
Action: On CreditWatch:Developing
Corus Group PLC,Tata Steel Ltd.