Tata Steel gains as Moody’s upgrades CFR rating, keeps outlook stable

The stable outlook reflects Moody’s expectation that Tata Steel’s strong operating performance will translate into a sustained improvement in credit metrics.

Shares of Tata Steel gained 1.2 percent in the early trade on Thursday after Moody’s Investors Service has upgraded its rating by one notch.

Moody’s Investors Service has upgraded Tata Steel’s long term corporate family rating (CFR) by one notch to Ba2 from Ba3.

“The upgrade of Tata Steel’s CFR reflects the sustained improvement in the company’s credit profile, stemming principally from strong operating efficiencies and vertical integration, as well as stable demand and price conditions in its major market,” says Kaustubh Chaubal, a Moody’s Vice President and Senior Credit Officer.

Meanwhile, Moody’s has kept the company’s outlook as stable.

The stable outlook reflects Moody’s expectation that Tata Steel’s strong operating performance will translate into a sustained improvement in credit metrics.

At 09:22 hrs Tata Steel was quoting at Rs 496.70, up Rs 6.10, or 1.24 percent on the BSE.

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