Tata Steel announced on Thursday of downgrading its credit rating by one notch by Care Ratings.

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Care Ratings has recently downgraded credit rating of Tata Steel on account of the uncertainties relating to the disposal and restructuring of Tata Steel's UK business, cited the company in a filing to the BSE.

The ratings agency has downgraded unsecured NCD, long-term unsecured rupee loan and unsecured subordinated perpetual securities credit rating of Tata Steel by one notch. 

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“According to Care Ratings, the uncertainities relating to the disposal and restructuring of Tata Steel's UK business has triggered a revision of Tata Steel's credit rating. The rating has been downgraded by one notch,” Tata Steel said in a filing. 

As per the Tata Steel statement, the ratings agency has revised its long-term unsecured rupee loan credit rating from 'AA+' to 'AA'. Similarly, the rating for the company's unsecured subordinated perpetual securities has been revised from 'AA+' to 'AA-' 

The rating for its unsecured NCD has been revised from 'AA+' to 'AA'.

On Thursday, the stock of Tata Steel closed down 0.11% or Rs 0.50 at Rs 467.10 on the BSE.

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