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Kolkata, Oct. 23 Standard & Poor’s Ratings Services said on Thursday that it had revised its rating outlook on Tata Steel UK Ltd (TSUK) to stable from positive.

At the same time, S&P affirmed the ‘BB-’ long-term and ‘B’ short-term corporate credit ratings on the company. “We also affirmed the ‘BB+’ issue rating on senior secured notes totalling £3.67 billion issued by TSUK and its subsidiary Corus Nederland B.V. (not rated).

The recovery rating is ‘1’”, a note from the rating agency said. “The outlook revision reflects the higher capital expenditure plans of TSUK’s parent Tata Steel Ltd. [BB/Stable/--] in India, Tata Steel’s overseas joint ventures in upstream resources to secure raw materials, and uncertainties over the parent’s equity-raising plan of $1 billion, given the prevailing capital market conditions,” said S&P credit analyst, Mr Joey Chew, in Singapore.

More Stories on : Stocks | Credit Rating | Steel | Tata Steel Ltd

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