Skip to content
Subscriber Only

S&P Boosts Tata Steel Ratings, Keeps Outlook Stable on Debt Cut

Tata Steel Ltd. is on track to slash part of its $15 billion debt in the next two years helped by higher prices and strong cash flows, leading to a ratings upgrade, according to S&P Global Ratings.

Tata Steel’s debt will drop by about 30% by 2023 from about 1.1 trillion rupees ($15 billion) as of March 2020, with around half of this decline expected to have happened by last month, S&P said in a statement. It upgraded the steel mill’s long-term ratings to BB- from B+ and maintained the outlook at stable.