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Tata Steel Ltd.
Standard & Poors, December 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: Full Analysis
The 'BB' rating on Tata Steel Ltd. is supported by the enhanced scale and size of the combined entity. With the acquisition of Corus PLC, Tata Steel is now the sixth-largest steel manufacturer in the world. Volume growth and synergy gains are expected to drive the Tata Steel group further. Standard & Poor's believes that the group shall have a combined crude steel capacity and finished steel capacity that exceeds 28 million tonnes and 30 million tones, respectively. Geographical diversity has also increased, which is positive for the overall risk profile of the company. Prior to the Corus acquisition, overseas revenue accounted for 36% of Tata Steel's total revenue in fiscal year ended March 31, 2007. With the acquisition of...
Companies mentioned in this report are: Tata Steel Ltd.,Tata Motors Ltd.,Tata Power Co. Ltd.,Tata Steel UK Holdings Ltd.,Tata Consultancy Services Ltd.
Tata Steel Ltd.,Tata Motors Ltd.,Tata Power Co. Ltd.,Tata Steel UK Holdings Ltd.,Tata Consultancy Services Ltd.