13 Jan 2016 15:11
January 13, 2016
London Stock Exchange London
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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 has triggered a review of Tata Steel's credit rating by Standard and Poor ("S&P"). The corporate credit rating has been downgraded by 1 notch.
In accordance with the said Regulation(s), please find below the details of revision in ratings for Company and its subsidiaries:-
Name of the Company | Credit Rating Agency | Type of Credit Rating | Existing | Revised |
Tata Steel Limited | S&P | Long term corporate credit rating | BB | BB- |
Tata Steel UK Holdings Ltd | Long term corporate credit rating | BB- | B+ | |
ABJA Investment Co. Pte. Ltd.
| Issue rating on the Company's guaranteed senior unsecured notes | BB | BB- |
S&P has affirmed their 'B' short term corporate credit rating on Tata Steel UK Holdings Ltd.
The reports from the credit rating agency covering the rationale for revision in credit ratings is attached.
http://www.rns-pdf.londonstockexchange.com/rns/7862L_-2016-1-13.pdf
This is for your information and records.
Tata Steel (TTST)