Tata Sponge Iron announced that India Ratings and Research Private Limited has assigned a Long-Term Issuer Rating of 'IND AA' to the existing / proposed bank facilities of Tata Sponge Iron (the Company). The Outlook is Stable. The instrument-wise rating actions are as follows:
Term loan (Rs 2900 crore) - IND AA/Stable (Assigned)
Proposed long-term loan (Rs 100 crore) - Provisional IND AA/Stable (Assigned)
Proposed working capital limit (Rs 2000 crore) - Provisional IND AA/Stable/Provisional IND A1+ (Assigned)
Commercial Paper (Rs 4000 crore) - IND A1+ (Affirmed)
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