The corporate family rating for Tata Steel has been revised a notch lower to a low investment grade rating ‘Ba3', Moody's said.
The corporate family ratings reflect a corporate entity's ability to honour all of its financial obligations. The agency also downgraded the corporate family rating of Tata Steel UK to ‘B2'. This is the second downgrade for Tata Steel UK since January 12, when Moody's had lowered the company's ratings by one notch to ‘B1' and initiated the review for further downgrade.
Published 08 June 2009, 16:02 IST