SteelOrbis

CARE Ratings downgrades Tata Steel’s credit ratings

Friday, 20 January 2017 17:15:55 (GMT+3)   -   Istanbul
SteelOrbis News

India-based credit ratings agency CARE Ratings has announced that it has downgraded Indian steelmaker Tata Steel’s long-term credit rating to ‘AA’ from ‘AA+’ due to the continuing uncertainties relating to the disposal/restructuring of its stressed UK business. The outlook is stable. 
 
CARE stated that the downgrade of the company’s credit ratings also takes into account the moderate financial risk profile of the company as reflected in its high gearing and below average debt coverage indicators as well as low visibility in the short to medium term of sustainability of margins achieved in recent past.

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