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Our Bureau

Mumbai , Aug. 24

Standard & Poor's Ratings Services assigned its `BBB' rating on Tata Steel Ltd's $750-million equivalent, seven-year, senior, unsecured bank loan facility. Tata Steel plans to use the proceeds for meeting its capital expenditure programme for expansion and also for its overseas acquisitions.

"The ratings on Tata Steel are supported by its position as one of the lowest-cost steel producers in the world, its increased geographical diversity, and its broader product mix," said Mr Anshukant Taneja, S&P's credit analyst.

The steel company's recent acquisitions of Singapore's NatSteel Ltd and Thailand's Millennium Steel Co. widened its manufacturing base in South-East Asia.

More Stories on : Overseas Borrowings | Credit Rating | Tata Steel Ltd | Steel

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