MOODY'S DOWNGRADED TATA STEEL FAMILY RATING

Moody’s Investors Service has downgraded Tata Steel UK Holdings Ltd’s corporate family rating (CFR) and probability of default rating to B3/B3-PD from B2/B2-PD, the rating agency said on Thursday.

Moody’s also downgraded Tata Steel Ltd’s CFR by two notches to Ba3 from Ba1. It said the outlook on all ratings for Tata Steel and Tata Steel UK Holdings are negative.

Moody’s defines corporate families that are rated B-PD to be speculative and subject to high default risk.