Business Daily from THE HINDU group of publications
Friday, May 16, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, May 16, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Credit Rating
Mumbai, May 15 Standard & Poor’s Ratings Services said on Thursday that the Rs 2,000-crore debt raised recently by Tata Steel Ltd (BB/Stable) in the domestic bond market, by itself, does not place any pressure on the ratings of the company. The agency said that 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. — Our Bureau More Stories on : Credit Rating | Corporate Bonds | Steel | Tata Steel Ltd
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