Moody's affirms Tata Steel’s Ba2 rating

Moody's Investors Service has affirmed Tata SteelNSE 0.28 % Ltd.'s Ba2 corporate family rating (CFR) and the B2 CFR of its wholly owned subsidiary, Tata Steel UK Holdings Limited (TSUKH). The outlooks have been maintained at stable. The stable outlook on Tata Steel reflects Moody's expectation that "the company's strong operating performance and improving credit metrics will be sustained despite the inherent cyclicality of the industry." The rating action follows Tata Steel's announcement on May 10 that it has decided against going ahead with a planned divestment of its European steel operations under TSUKH, into a 50:50 joint venture (JV) with thyssenkrupp AG (tk).