Fitch upgrades Tata Steel ratings, outlook stable

11 Oct 2023 CW Team

Fitch Ratings announced that it had upgraded the ratings of domestic steel company Tata Steel (TSL) to 'BBB-' with a stable outlook. In a statement, the rating agency mentioned that India-based Tata Steel (TSL) Issuer Default Rating (IDR) had been raised from 'BB+' to 'BBB-', with the outlook remaining stable. The agency also upgraded the rating on $ 1 billion notes due July 2024 issued by TSL's subsidiary, ABJA Investment, and guaranteed by TSL, from 'BB+' to 'BBB-'.

The decision to upgrade the ratings was based on the revision of the company's stand-alone credit profile (SCP) from 'bb' to 'bb+' due to reduced uncertainty and financial risk from its UK operations. In the UK, TSL planned to replace its blast furnaces with more cost-efficient and environmentally friendly electric arc furnace (EAF)-based steelmaking capacity.

This move was expected to enhance the cost competitiveness of the UK operations. Notably, TSL's IDR continued to receive a one-notch uplift due to potential support from the Tata Group. Currently, the UK assets posed a challenge in TSL's portfolio in terms of cost position, reporting an EBITDA loss of around GBP 130 million in the financial year ending March 2023 (FY23).

Fitch Ratings clarified that these upgrades were part of the positive changes resulting from TSL's strategic decisions, signalling a more optimistic outlook for the company.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..