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Moody's upgrades corporate family rating of Tata Steel

The rating outlook remains stable

Credit rating agency -- Moody's Investors Service has upgraded the corporate family rating of Tata Steel to ‘Ba1’ from ‘Ba2’. The rating outlook remains stable. The upgrade to Ba1 reflects view that Tata Steel's better-than-anticipated operating performance this fiscal year and a step-change reduction in gross debt have materially strengthened its credit metrics.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.