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Our Bureau

Mumbai , March 24

INTERNATIONAL credit rating agency Standard & Poor's (S&P) has today assigned Tata Steel `BBB' local currency (corporate) rating and `BB+' foreign currency rating with stable outlook.

The `BBB' fundamental rating for Tata Steel is two notches above Standard & Poor's current sovereign rating (local currency) of `BB+' for India.

This is the highest rating among all Indian companies and compares favourably with global steel companies.

The foreign currency rating of `BB+' for Tata Steel is at par with the Standard & Poor's current sovereign rating (foreign currency) of `BB+' for India.

"The rating on Tata Steel reflects its competitive cost position, which is derived from its integrated operations. Through the modernisation of facilities and introduction of new processes, the company has been able to constantly improve its operating efficiencies, making it one of the lowest cost producer of steel globally,'' Standard & Poor's said in a news release.

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