 "Fitch downgrades default ratings of JSW Steel, Tata Steel to BB-minus")
Fitch Ratings has downgraded issuer default ratings (IDRs) of JSW Steel and Tata Steel to BB-minus from BB after completing a portfolio review.
Fitch has also downgraded Tata Steel UK Holdings' long-term IDR to B-minus from B. The outlook is negative. The agency has also downgraded JSW Steel's and Tata Steel's senior unsecured rating to BB-minus from BB.
Simultaneously, Fitch is withdrawing Tata Steel UK Holdings' long-term IDR because the company is no longer issuing debt and there is no Fitch-rated debt outstanding following refinancing by Tata Steel for its European operations in January.
The portfolio review follows Fitch expectation
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