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'BB' Rating On Tata Steel UK's Senior Secured Debt Remains On Watch Negative Pending Discussion With Lenders
Standard & Poors, May 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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
-- TSUK is in discussion with lenders to avoid a possible covenant breach in the second half of 2009. -- The 'BB' rating on its senior secured debt remains on CreditWatch with negative implications. -- The CreditWatch listing reflects the pending recovery rating review. MUMBAI (Standard & Poor's) May 6, 2009--Standard & Poor's Ratings Services said today that it had kept its 'BB' issue rating on the -3.67 billion senior secured debt of Tata Steel U.K. Ltd. (TSUK; B+/Negative/--) on CreditWatch with negative implications. 'The CreditWatch update reflects the possibility of changes by TSUK to its debt or asset structure, which could affect our recovery analysis, based on our existing recovery rating criteria, as well as the corporate credit rating,'...
Companies mentioned in this report are: Tata Steel UK Holdings Ltd.,Tata Steel Ltd.
Action: CreditWatch Update
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