The rating reflects its large scale, strong market position and cost-competitive vertically integrated steel operations in India (Baa3 stable); the likely improvement in its European operations, especially following the closure of its upstream operations in the United Kingdom (UK, Aa3 stable); its prudent financial policy and balanced growth approach; and its close association with its parent, Tata Sons.
The Baa3 rating also reflects Tata Steel's exposure to inherent volatility in the steel sector; and regulatory risks in India and Europe.
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