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S&P gives Tata Steel U.K. BB-, B
Standard & Poor's said it assigned its BB- long-term and B short-term corporate credit ratings to Tata Steel U.K. Ltd., the new intermediate parent holding company of Corus Group plc and wholly owned subsidiary of Tata Steel Ltd. (BB/positive).
The outlook is positive.
The agency said it also assigned its BB senior secured debt rating and a recovery rating of 2 to the £3.67 billion senior secured debt issued by Tata Steel U.K. and subsidiaries, indicating its expectation of substantial recovery in the event of a payment default.
At the same time, the long-term corporate credit rating on Corus Group was lowered to BB- from BB and removed from CreditWatch with developing implications, the agency noted.
The outlook is stable.
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