Recovery Report: Tata Steel U.K.'s Ltd. Recovery Rating Profile
- ID: 1782199
- March 2008
- Region: United Kingdom, Great Britain
- 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.
Research Type: Full Analysis
Standard & Poor's Ratings Services today revised its recovery rating on the -3.67 billion senior secured debt issued by Tata Steel U.K. Ltd. (TSUK; BB-/Positive/B;) and subsidiary Corus Nederland B.V. (CNBV) to '1' from '2', indicating our expectations for very high (90%-100%) recovery in the event of a payment default. At the same time, we raised the issue rating on this debt to 'BB+' from 'BB', two notches above the corporate credit rating. Recovery prospects are based on a stand-alone assessment of TSUK, and do not factor in any potential impact from the higher-rated parent company Tata Steel Ltd. (BB/Positive/--), which in turn has a bearing on the corporate credit rating on TSUK. The revision of the recovery rating reflects...
Companies mentioned in this report are: Tata Steel Ltd.,Tata Steel UK Holdings Ltd.,Tata Steel Nederland B.V.