S&P ups Tata Steel view to stable

Standard & Poor's said it revised the outlook on Tata Steel Ltd. and the company's subsidiary, Tata Steel U.K. Ltd., to stable from negative.

The agency also said it affirmed its BB- long-term corporate credit rating and its BB- issue rating on the company's senior unsecured notes, along with its B+ long-term and B short-term corporate credit rating.

The agency said it revised the outlook due to the potential pressure on the company's liquidity has eased following the refinancing of a €3.67 billion bank loan, S&P said.

The refinancing also reduces the potential pressure on the parent company's liquidity, the agency said.

Tata Steel's consolidated operating performance has improved over the past year, S&P added.

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