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S&P assigns highest rating
By Our Staff Correspondent
MUMBAI,
MARCH 24.
Standard & Poor's (S&P) today assigned Tata Steel `BBB' Local currency (Corporate) Rating and `BB+' Foreign Currency rating with stable outlook.
The `BBB' fundamental rating is two notches above S&P'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 majors. The Foreign currency rating of `BB+' is at par with the S&P's current sovereign rating (foreign currency) of `BB+' for India.
According to S&P, "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 producers of steel globally. In addition, Tata Steel has been continuously enriching its product mix, which should provide improved margins and stability in revenue.''
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