S&P Global raises Tata Steel Ratings to BB- on the back of strong operating performance Synopsis S&P highlighted that the stable outlook for Tata Steel also reflects an expectation that the company's debt reduction would result in lower volatility in its credit metrics compared with the previous steel cycle, with greater resilience during downturns Agencies S&P Global estimates Tata Steel's adjusted debt levels to decline by about 30% by March 2023 from about Rs 1.1 trillion in March 2020. S&P Global Ratings has raised Tata Steel and its subsidiary ABUJA Investment Co. Pte. Ltd’s credit rating to 'BB-' from 'B+ on the back of the company's strong operating performance and also its ability to reduce debt significantly. The rating agency has maintained a stable outlook on the company.