the Agency S & P Global Ratings downgraded the Issuer credit rating in foreign currency to Tata Steel< / span> and subsidiaries ABJA Investment Co. Pte. Ltd is a., and various issue rating of unsecured bonds denominated in USD issued by ABJA, c "BB" to "B +".
Outlook reflects the risks of further weakening of the credit profile of Tata Steel, if the effect of economic conditions and lower commodity prices will be higher than current expectations, the report said S & P Global Ratings.
"This is mainly due to problems Covid-19 and further economic consequences," - said the Agency.
S & P Global Ratings also downgraded the rating of Tata Steel UK Holdings Ltd. (TSUKH) to "B" from "B+" in accordance with the rating action of its parent company Tata Steel.
Although the European factories of the company (in the UK and the Netherlands) are still working, they are working on greatly reduced power.
"In our baseline scenario we assume a reduction in volume at least one block with a subsequent recovery to more normal levels," noted S & P.
the Agency also said it may downgrade Tata Steel to junk if the company's credit profile will remain under pressure for longer than current expectations. The forecast will be revised to "stable" only if the impact of the slowdown of the economy will be less than current analysts ' expectations.
