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Ind-Ra upgrades Tata Steel Long Products long-term issuer rating to AA+

The credit rating agency affirms the company’s short-term rating on fund-based limits and CP at A1+.

December 17, 2021 10:05 IST | India Infoline News Service
India Ratings and Research Private Limited have upgraded Tata Steel Long Products Limited’s long-term issuer rating to ‘IND AA+’. The rating on long-term loan Rs6.89 billion (reduced from Rs13.25 billion), proposed long-term loan Rs1 billion and Fund-based limits of $10.35 billion has been upgraded to IND AA+/Stable.

The credit rating agency has affirmed the rating on non-fund based limits Rs5.50 billion at IND A1+. It also affirmed IND AA+/ Stable/IND A1+ rating on proposed working capital Rs19.90 billion of the company. The long-term rating was upgraded and short-term rating was affirmed. The rating on Commercial paper (CP) Rs7 billion has been affirmed at IND A1+.

At around 10.08 am, Tata Steel Long Products Limited was trading at Rs754.20per piece down Rs12.20 or 1.59% on the BSE. 

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