Tata Steel Ltd.

Moody's Investors Service has placed under review for downgrade Tata Steel's Ba2 corporate family rating (CFR). At the same time, Moody's has downgraded Tata Steel's wholly owned subsidiary, Tata Steel UK Holdings' (TSUKH) CFR to B3 from B2 and placed the CFR under review for further downgrade. The outlooks have been revised to ratings under review from stable.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The steel sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.

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.