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'BB' Rating On Tata Steel UK's Senior Secured Debt Stays On Watch Negative After Lenders Consent To Reset Covenants
Standard & Poors, June 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 received lender consent to reset covenants for its GBP3.7 billion acquisition-related senior debt facility. -- The 'BB' rating on its senior secured debt remains on CreditWatch with negative implications. -- The CreditWatch listing reflects a pending recovery rating review. MUMBAI (Standard & Poor's) June 10, 2009--Standard & Poor's Ratings Services said today that it had kept its 'BB' issue rating on the GBP3.67 billion senior secured debt of Tata Steel U.K. Ltd. (TSUK; B+/Negative/B) on CreditWatch, where it was placed with negative implications on Feb. 5, 2009. 'We have kept the issue rating on CreditWatch pending a review of our recovery analysis on TSUK. This review will factor in the impact on our simulated default scenario, and in...
Companies mentioned in this report are: Tata Steel UK Holdings Ltd.,Tata Steel Ltd.
Action: CreditWatch Update
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