Tata Steel UK Holdings Ltd. Upgraded To 'BB-' From 'B+' On Revised Corporate Criteria; Outlook Negative Dec 13
- Language: English
- Published: December 2013
- Region: Great Britain, United Kingdom
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The 'BB' corporate credit rating on India's Tata Steel Ltd. reflects the company's enhanced size and market position in the global steel industry, as well as geographical and product diversification after the Corus Group acquisition. These strengths are partly offset by Tata Steel's aggressive financial profile, lack of captive access to raw materials for a majority of installed capacity, relatively high cost of European operations, and the weakening global economy. Tata Steel is the world's sixth-largest steel manufacturer with an existing annual crude steel capacity of 30 million tons and revenue of US$33 billion for the fiscal year ended March 31, 2008. The company is geographically well diversified with revenue almost equally distributed across U.K., the rest of Europe, and...
Companies mentioned in this report are: Tata Steel Ltd.,Tata Steel UK Holdings Ltd.
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Tata Steel Ltd.,Tata Steel UK Holdings Ltd.