Tata Steel rating cut by Moody’s

MUMBAI - Tata Steel, India’s biggest producer of the metal, had its rating cut one level at Moody’s Investors Service, which cited deteriorating performance because of falling demand and prices.

The rating was reduced to Ba2, two levels below investment grade, from Ba1, the agency said in a statement yesterday, adding that the steelmaker remains on review for a possible downgrade.
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