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Bond Market News
Tata Steel Upgraded to IG-Status at BBB- by Fitch
October 10, 2023
Tata Steel was upgraded by Fitch to BBB- from BB+ alongside its 5.95% 2024s that were also lifted up by a notch from BB+ to BBB-. The rating action reflects the reduction in uncertainty and financial risk from its UK operations. Tata Steel expects an improvement of GBP 150-170/tonne in its cost base in the UK following its capacity transformation, which is significantly higher than the unit loss in FY 2023. Fitch expects Tata Steel’s EBITDA leverage (Net debt/ EBITDA) to decline over the next three years to 2.5x from current 2.8x on higher capacity, output and EBITDA. Tata Steel is also likely to cut its workforce significantly, leading to lower labour costs.
Tata Steel’s dollar bonds remained flat with 5.95% 2024 trading at 99.7 cents on the dollar, yielding 6.35%.
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