Research Update: Rating On Tata Steel UK Lowered To 'B+' Due To Weak Market Conditions, Debt Rating Lowered And Placed On Watch Negative

Standard & Poors, February 2009

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.

Abstract
On Feb. 5, 2009, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Tata Steel U.K. Ltd. (TSUK) to 'B+' from 'BB-' and affirmed the 'B' short-term rating. The outlook is negative. At the same time, we lowered our issue rating on TSUK's -3.67 billion senior secured debt to 'BB' from 'BB+' and placed it on CreditWatch with negative implications, pending a review of our recovery analysis, based on our existing recovery rating criteria (see reference below), to consider how the weakened demand environment may affect recovery prospects. The rating action reflects the weak European market conditions for steel products given the significant slowdown in the auto and construction industries. This is especially the case for TSUK's...

Companies mentioned in this report are: Tata Steel UK Holdings Ltd.,Tata Steel Ltd.,Tata Steel Nederland B.V.
Action: Downgraded
Action: Outlook: Negative
Action: On CreditWatch:Negative

Tata Steel UK Holdings Ltd.,Tata Steel Ltd.,Tata Steel Nederland B.V.

Customers who bought this item also bought

• UK Civil Security Market - Revenue Opportunities and Stakeholder
• UK Manned Security Services Market Development Report
• The UK Education Industry Forecast to 2015 - Dominance of Higher Education Sector
• The United Kingdom Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• Revenue Opportunities and Stakeholder Mapping in the United Kingdom Land Defence Market
• UK Defence Equipment Market Development Report
• The United Kingdom Defense Industry - Market Attractiveness and Emerging Opportunities to 2017: Market Profile
• Further & Higher Education Market Report 2013
• Future of the UK Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2017
• Defense Expenditure in the United Kingdom to 2017: Market Review