Standard & Poor’s (S&P) raised the rating of Tata Steel for having been able to raise $2.8 billion through de-leveraging measures in the past 7 months.
“We are raising the rating on Tata Steel to ‘BB’ from ‘BB-’. We are also raising the issue rating on the company’s senior unsecured notes to ‘BB’ from ‘BB-’,” said S&P in a statement.
The stable outlook on Tata Steel reflects our expectation that company’s operating performance will improve over the next 18-24 months.
The rating agency also said that it expected Tata Steel to maintain its significantly improved consolidated operating performance in fiscal 2012.
From / Gulf Today