India's Tata Steel Stays On Watch Negative After Completion Of Corus Takeover Procedure
Standard & Poors, April 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.
Abstract
SINGAPORE (Standard & Poor's) April 4, 2007--Standard & Poor's Ratings Services said today it kept its 'BBB' long-term corporate credit rating on India-based steelmaker Tata Steel Ltd. on CreditWatch with negative implications. The 'BBB' debt rating on Tata Steel's senior unsecured bank loans of US$750 million and US$500 million also remain on CreditWatch with negative implications. This comes after the announcement on the completion of the procedure for the takeover of U.K.-based steelmaker Corus Group PLC (Corus) (BB/Watch Dev/B) by Tata Steel which became effective on April 2, 2007. The ratings were placed on CreditWatch on Oct. 18, 2006, after Tata Steel's initial bid for Corus at 455 pence per share. "The CreditWatch status of Tata Steel continues to reflect...
Companies mentioned in this report are: Tata Steel Ltd.
Action: CreditWatch Update
Tata Steel Ltd.
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