Moody's confirms Tata Steel's ratings; changes outlook to negative

Agency to withdraw UK subsidiary's ratings

Moody's Investors Service has confirmed Tata Steel Ltd's Ba2 corporate family rating (CFR), and has changed its outlook to negative from ratings-under-review.

At the same time, Moody's has confirmed the B3 CFR of Tata Steel UK Holdings Limited (TSUKH), a wholly-owned subsidiary of Tata Steel, and changed its outlook to negative from ratings-under-review as well. Subsequently, Moody's will withdraw the B3 CFR of TSUKH, for its own business reasons, the agency said today in a release.

"The confirmation of Tata Steel's Ba2 CFR recognises that while the company's credit profile will deteriorate due to the challenges brought on by the pandemic, its