S&P upgrades Tata Steel's long-term issuer rating to 'BB' from 'BB-'

Standard and Poor's has upgraded Tata Steel Ltd's long term issuer rating from "BB-" to "BB" on significant expected deleveraging.

The outlook on ratings is stable and reflects the view that the company can adequately deleverage to reduce volatility in credit metrics during industry downturns.

S&P also raised the long-term issue rating on the senior unsecured notes issued by its subsidiary ABJA from "BB-" from "BB".

Continued strength in steel prices has accelerated the company's deleveraging, S&P said in a statement. In the base case scenario, Tata Steel's adjusted debt is expected to decline by over 30 per cent by March 2023 from