Tata Steel share price rose over 2 per cent in early trade on BSE on Tuesday after Moody's Investors Service upgraded its corporate family rating. Tata Steel share price opened at ₹129.70 against the previous close of ₹127.35 and soon rose over 2 per cent to the level of ₹130.05 on BSE.
Moody's Investors Service, a global rating agency, on Monday (September 25) upgraded the corporate family rating of Tata Steel from ‘Ba1’ to ‘Baa3’ and changed the outlook to ‘stable’ from ‘positive’.
"The upgrade reflects our expectation of the continued strength in Tata Steel's credit profile due to the company's solid market position in India. We expect the company's profitability to increase even as softer steel prices dent revenues," said Kaustubh Chaubal, a senior vice president at Moody's.
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