11th Feb 2016 11:55
February 11, 2016
London Stock Exchange
London
Dear Sirs/Madam,
Sub: Intimation of Revision in Ratings under the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015
This has reference to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (the "Regulations").
The sharp fall in international steel prices due to excessive exports from China and other countries and the challenging conditions facing the global steel industry has triggered a review of Tata Steel's credit rating by Moody's. The corporate family rating has been downgraded by 2 notches.
In accordance with the said Regulation(s), please find below the details of revision in ratings for Company and its subsidiary:-
Name of the Company | Credit Rating Agency | Type of Credit Rating | Existing | Revised |
Tata Steel Limited | Moody's | Long term corporate family rating (CFR) | Ba1 | Ba3 |
Tata Steel UK Holdings Ltd | Long term corporate family rating (CFR) | B2 | B3 | |
Tata Steel UK Holdings Ltd | Probability of default rating | B2-PD | B3-PD |
The report from the credit rating agency covering the rationale for revision in credit rating is enclosed.
This is for your information and records.
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