19 Jan 2017 16:24
January 19, 2017
Â
London Stock Exchange
London
Â
Dear Sirs/Madam,
Â
Sub: Intimation of Revision in Ratings under the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015
Â
This has reference to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (the "Regulations").
Â
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.
Â
In accordance with the said Regulation(s), please find below the details of revision in ratings for the Company:-
Â
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.
Â
This is for your information and records.
Â
http://www.rns-pdf.londonstockexchange.com/rns/6135U_-2017-1-19.pdf