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The likely improvement in its UK cost structure and the relatively better performing Dutch operations will ensure, in Moody's view, Tata Steel's solid credit profile, even as steel prices remain soft and global steel demand weakens amid rising interest rates and a weak economic outlook in most end-user markets.
Rating agency Moody's has affirmed BAA3 rating on India and maintained a 'stable' outlook on the economy. However, it flagged that India's rating and stable outlook also take into account a curtailment of civil society and political dissent, compounded by rising domestic political risk. Further, it flagged that India continues to suffer from a high debt burden and weak debt affordability.
“Moody's expects India's economic growth to outpace all other G20 economies through at least the next two years, driven by domestic demand,” the rating agency said in justification of affirmation of Indias rating. The agency also lauded the governments efforts on infrastructure, which it noted, had led to improvements in logistic performance and quality of trade and transport-related infrastructure.
Moody's Investors Service on Friday affirmed India's rating at the lowest investment grade of 'Baa3', with a stable outlook, saying high growth will support a gradual increase in income levels.
Global rating agency Moody's has upgraded India's rating outlook to "stable" from its earlier "negative"