Moody's assigns stable rating to Tata Chemicals
New Delhi, Jan 2: Moody's investor service today said it has assigned an investment grade Baa3 foreign currency issuer rating to Tata Chemicals Limited (TCL).
This is the first time that Moody's has assigned a stable rating to TCL.
The stable outlook reflects the expectation that TCL will maintain strong credit protection measures over the next 12-24 months, a view supported by the favourable outlook for the soda ash industry in the next 12-18 months, and as driven by the strong demand from India's glass and detergent industries.
''This rating reflects our leading position in some of our key markets and our prudent financial management,'' said TCL Chief Financial Officer P K Ghose.
TCL is India's leading manufacturer of inorganic chemicals, fertilizers and food additives.
The company owns and operates the largest and the most integrated inorganic chemicals complex in the country at Mithapur, Gujarat.
UNI