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Rating on Tata Steel unaffected by INR 20bn debt issue

This article was posted on May 15, 2008 and is filed under Press Releases

Standard & Poor’s Ratings Services said today that the Indian rupee (INR) 20 billion debt raised recently by India’s Tata Steel Ltd. (BB/Stable/–) in the domestic bond market, by itself, does not place any pressure on the ratings on the company. As clarified by Tata Steel, the proceeds from the bond issue are entirely for refinancing existing borrowings, including debt raised at the Corus Group PLC level. Nonetheless, medium-term pressure persists in relation to the incremental debt required for funding the company’s ambitious expansion plans in India and potentially softening demand conditions in Europe and North America, which may result in overall weakening profitability and cash flows.

Sourced From: CRISIL Limited

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