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Tata Steel’s resolution plan for its UK operations has earned it favor from credit rating agencies as they see the outcome strengthening the steel-maker’s cash position and limiting the drain to earnings at a consolidated level, while allowing its credit profile to remain steady even if steel prices turn soft. Moody’s has upgraded the long-term issuer rating for the company to investment grade ‘Baa3’ on Monday, while CreditSights said that the deal would be a ‘mild credit positive’ for Asia’s oldest producer of the alloy.
Earlier this month, Tata Steel announced the much-awaited resolution plan for its operations in the UK. The local government will grant the company 500 million pounds as it transitions to a sustainable steel-making process at Port Talbot by building a three-million-tonne electric arc furnace. –
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