Mistry-Tata row: Brickwork Ratings downgrades Tata Steel

October 31, 2016 14:22

Citing "heightened management risk" following the ouster of Cyrus Mistry as Chairman of Tata Sons, Brickwork Ratings has revised outlook of Tata Steel to negative while as revised the ratings of its NCDs worth Rs 6,500 crore.

The revised rating however continues to place the company in the 'high degree of safety' category with regard to the services to debt.

"Brickwork Ratings revises rating to 'BWR AA' (BWR Double A) with Negative Outlook from BWR AA+ (BWR Double A Plus), (Outlook: Stable) for unsecured the Non-Convertible Debenture (NCDs) Issues of Rs 4,000 crore," said a regulatory filing issued by Tata Steel.

Brickwork Ratings also revises rating to 'BWR AA-' (BWR Double A Minus) Outlook: Negative from BWR AA (Outlook: Stable) for the unsecured subordinated perpetual Debt Issues of Rs 2,500 crore of Tata Steel Ltd, it added.

"Essentially the Rating reflects heightened management risk and the current stage of lack of clarity at group level management that may impact strategic decision making at Tata Steel Ltd," Brickwork said.

« Back to LIVE

TOP STORIES

JD-S worker steps up, accuses Prajwal of rape, filming it

The crime investigation department booked Prajwal, grandson of former prime minister HD Deve Gowda, after a JD-S worker from Hassan lodged a complaint against him.

Prajwal Revanna booked for rape, says CM Siddaramaiah

He said he has directed police to identify, trace and secure the victims in view of the alleged kidnapping of a victim at Krishnaraja Nagar town in Mysuru district.

Kerala shocker: Woman delivers in bathroom, throws newborn on to street

The police said the woman has been taken into custody after being traced using the address on the Amazon delivery packet in which the child was wrapped and thrown.

Ready For Some Dark Love On OTT?

Holidays turn into horror, Bhansali brand of razzmatazz and tons more on OTT this week.

Forex reserves drop $2.41 bn to $637.92 bn

India's forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall...