S&P Global raises Tata Steel Ratings to BB- on the back of strong operating performance
Synopsis
S&P highlighted that the stable outlook for Tata Steel also reflects an expectation that the company s debt reduction would result in lower volatility in its credit metrics compared with the previous steel cycle, with greater resilience during downturns
Agencies
S&P Global estimates Tata Steel s adjusted debt levels to decline by about 30% by March 2023 from about Rs 1.1 trillion in March 2020.
S&P Global Ratings has raised
Tata Steel and its subsidiary ABUJA Investment Co. Pte. Ltd’s credit rating to BB- from B+ on the back of the company s strong operating performance and also its ability to reduce debt significantly. The rating agency has maintained a stable outlook on the company.
Investors in Vedanta Resources Ltd. are turning their attention to the miner’s longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%, albeit at one of the highest yields for a dollar bond in Asia this year. The company plans to use that cash to finance a buyback offer for $670 million of notes due next year, and the rest to repay other debt or to increase stakes in its Indian units.
Investors Look for Long-Term Plan From Vedanta After Bond Sale
Dec 14 2020, 6:51 PM
December 13 2020, 5:30 AM
December 14 2020, 6:51 PM
(Bloomberg) Investors in Vedanta Resources Ltd. are turning their attention to the minerâs longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
(Bloomberg) Investors in Vedanta Resources Ltd. are turning their attention to the minerâs longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%, albeit at one of the highest yields for a dollar bond in Asia this year. The company plans to use that cash to finance a buyback offer for $670 million of notes due next year, and the rest to repay other debt or to increase stakes in
Investors look for long-term plan from Vedanta after bond sale hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.