Fitch Ratings has affirmed Tata Steel's Long-term Issuer Default Rating (IDR) at 'BB', keeping the outlook stable. Tata Steel UK Holdings' Long-term IDR is also affirmed at 'B' with a stable outlook.
The agency said that all ratings have been removed from the rating observations in which they were posted on April 1, 2016. The affirmation of TSL's ratings follows confirmation by the European Commission that it has rejected the proposed joint venture with Thyssenkrupp (BB + /Rating Watch). Negative) for antitrust reasons.
Fitch previously announced that an upgrade would be likely if TSL successfully establishes a JV, reducing its exposure to structural weaknesses in Europe and improving its business profile, while total adjusted leverage to EBITDAR is projected to remain below 4x. On the other hand, Fitch could have downgraded if the JV was unsuccessful.
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