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Bulletin: No Rating Impact On Tata Steel And Tata Steel UK From Weak First Quarter Operating Performance
Standard & Poors, Aug 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
MUMBAI (Standard & Poor's) Aug. 31, 2009--Standard & Poor's Ratings Services said today that there is no impact on its ratings on Tata Steel Ltd. (BB-/Negative/--) and Tata Steel U.K. Ltd. (TSUK) (B+/Negative/B) from their weak operating performance. Tata Steel reported EBITDA of US$43 million (consolidated), including a loss of US$387 million at TSUK, for the three months ended June 30, 2009. The weak operating performance and its impact on the company's financial metrics have already been factored into the current ratings and outlook. The recent operating performance is broadly in line with our expectations and is expected to gradually improve with some improvement in market environment, especially in Europe. However, there is still uncertainty on the pace and sustainability...
Companies mentioned in this report are: Tata Steel Ltd.,Tata Steel UK Holdings Ltd.
Action: Bulletin
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