Last checked at 19 Jan 2017 16:24
January 19, 2017
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").
According to CARE Ratings, the uncertainties relating to the disposal/ restructuring of TSL's UK business has triggered a revision of Tata Steel's credit rating. The rating has been downgraded by 1 notch.
In accordance with the said Regulation(s), please find below the details of revision in ratings for the Company:-
Credit Rating Agency | Type of Credit Rating | Existing | Revised |
CARE Ratings | Unsecured NCD | CARE AA+ (Stable) | CARE AA (Stable) |
Long Term Unsecured Rupee Loan | CARE AA+ (Stable) | CARE AA (Stable) | |
Unsecured Subordinated Perpetual Securities | CARE AA (Stable) | CARE AA- (Stable) |
The report from the credit rating agency covering the rationale for revision in credit rating is enclosed.
This is for your information and records.
http://www.rns-pdf.londonstockexchange.com/rns/6135U_-2017-1-19.pdf