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Research Update: India's Tata Steel Stays On Watch Negative After Completion Of Corus Takeover Procedure
- Published: April 2007
- Standard & Poors
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
On April 4, 2007, Standard & Poor's Ratings Services kept its 'BBB' long-term corporate rating on India-based steelmaker Tata Steel Ltd. on CreditWatch with negative implications, following the completion of the -6.2-billion takeover of U.K.-based steelmaker Corus Group PLC (Corus) (BB/Watch Dev/B) which became effective on April 2, 2007. Standard & Poor's also kept its 'BBB' foreign currency rating on Tata Steel's senior unsecured bank loans of US$750 million and US$500 million on CreditWatch with negative implications. The ratings were placed on CreditWatch on Oct. 18, 2006, after the announcement of an initial bid for Corus from Tata Steel. The CreditWatch status of Tata Steel continues to reflect ongoing uncertainty regarding the long-term financial structure of the transaction and its...
Companies mentioned in this report are: Tata Steel Ltd.,Corus Group PLC
Action: CreditWatch Update
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Tata Steel Ltd.,Corus Group PLC
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