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Standard and Poor’s has revised the outlook of Tata Steel to negative, while affirming its ‘BB’ rating on the company. The negative outlook reflects the weaker-than-expected operating performance of Tata Steel's European operations, resulting in higher-than-expected leverage. “We may lower the rating if Tata Steel's consolidated operating performance does not recover in line with our expectations,” said S&P. This is likely to be due to further slowing in the European operations.“We may revise the outlook to stable if we expect the company to improve its operating performance in line with our earlier expectations,” it added.
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