Tata Steel Limited — Credit Ratings, 24-12-2025: Credit Rating

S&P Global Ratings affirmed Tata Steel's issuer credit rating at 'BBB' with a Stable Outlook. This reflects S&P's view that higher volumes and cost-reduction initiatives will balance the impact of growth projects on leverage. Credit metrics are expected to recover over 12-18 months, driven by increased Indian output and reduced UK losses.