Moody's upgrades Tata Steel's outlook to 'positive' from 'stable'

Action reflects company's track record of delivering a solid operating show while maintaining conservative financial policies; firm is poised to reduce its debt by at least $1 billion in FY23

Moody's changed Tata Steel Ltd’s outlook to 'positive' from 'stable', reflecting its track record of delivering a solid operating performance while maintaining conservative financial policies. 

There is a likelihood that an upward rating thrust will build over the next 12 months if recent performance and credit metrics improvements are sustained. The rating agency also affirmed Tata Steel's Ba1 corporate family rating (CFR).

Tata Steel is poised to reduce its debt by at least $1 billion in FY23, in sync with its publicly articulated capital allocation policy.