Moody’s upgrades ratings of Tata Steel, outlook remains stable

Wednesday, 15 September 2021 14:39:48 (GMT+3)   |   Istanbul

International credit rating agency Moody’s has upgraded the global scale corporate family ratings of Indian steelmaker Tata Steel Limited to Ba1 from Ba2. The steelmaker’s outlook remains stable.

According to Moody’s the upgrade reflects Tata Steel’s better-than-expected operating performance this fiscal year and a step-change reduction of gross debt have materially strengthened its credit metrics. The stable outlook underscores Moody's view that Tata Steel will continue to strengthen its balance sheet, liquidity profile and financial policies to enhance its credit quality further.

Moody’s forecasts that the company will continue to generate large and positive free cash flow from operations over the next 12-18 months amid supportive commodity prices and steady product spreads due to likely continued strong steel demand.

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