Tata Steel Ltd.

Global credit rating agency, Standard & Poor's Ratings Services has revised its outlook on Tata Steel to stable from negative. The firm has affirmed its ‘BB’ long-term corporate credit rating on the Indian company, and has also assigned ‘BB’ long term issue rating to the proposed senior unsecured notes denominated in US dollar and euro to be issued by Singapore incorporated ABJA Investment, a 100% subsidiary of Tata Steel, which is to guarantee the notes.

The agency anticipates that the completion of the first phase of Tata Steel’s Orissa greenfield project will generate positive free operating cash flow starting fiscal 2016.

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.