 "Tata Steel")
Tata Steel on Thursday said that India Ratings and Research has upgraded the company's long-term issuer rating to 'IND AA+' from 'IND AA' with 'stable' outlook.
India Ratings said that the upgrade reflects its expectation that, despite likely aggregate capex of about Rs 22,000, TSL's consolidated adjusted net leverage (adjusted debt net of cash/EBITDAR) would improve and hover between 1.0x-2.0x in FY22 and FY23 (FY21: 2.7x; FY20: 6.0x), as significant cash flow generation would lead to a reduction in its consolidated gross debt.
The ratings agency said that reducing exposure to loss-making overseas units, sustained positive free cash flows at
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