New Delhi: India Ratings and Research has placed Tata Steel on ‘rating watch’ following its announcement of restructuring European operations.
“While cutting down losses by curtailing overseas operations would be a credit positive for TSL, the uncertain timelines associated with this goal could delay the expected recovery in its credit profile,” Ind-Ra said in a statement on Tuesday.
The company has placed Tata Steel’s long-term issuer rating on “Rating Watch Evolving (RWE)”. The outlook on its rating was negative.
The agency has also placed the ratings on all of the company’s debt instruments on RWE, which indicates the ratings can be either upgraded, or downgraded or affirmed.
Ind-Ra said the decision to place the ratings on RWE fo…
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