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TATA
28 December 2016

The General Manager, Listing

BSE
Phiroze eeleebhoy Towers

Limited

Department The Manager,

Listing Department
National Stock Exchange of lndia Limited
Exchange Plaza
Bandra-Kurla Complex
Bandra (E)
Mumbai 400 051
Svmbol: TATACHEM

Dalal Street

Mumbai-400001
Scrip Code:500770

Ref:

Requlation 30 (6) of the SEBI (Listinq Obliqations and Disclosure Requirements)

Requlations,2015

Dear Sir,

Sub: Credit ratinq

lndia Ratinqs

Please find enclosed communication from lndia Ratings informing about the withdrawal of
ratings for Tata Chemicals Limited.

we wish to inform you that lndia Ratings has not been part of the rating agencies providing
credit rating/services for the Company for the past few years.

The list of rating agencies that provides credit ratings for the Company is enclosed herewith
the following link
also available on the Company's website
and

at

is

This is for your information and records.

Thanking you,

Yours faithfully,
For Tata Chemicals Limited

1::1811llelacompanySecretary
[

cc: Corporate Communications

Encl: a/a

TATA CHEMICALS LIMITED

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Login

Ind-Ra Withdraws Tata Chemicals Ratings

28

By SudarshanShreenivas
IndiaRatingsandResearch(IndRa)haswithdrawnTataChemicalsLimited's(TCL)LongTerm

DEC2016

IssuerRatingtoINDAA+.TheOutlookwasStable.Afulllistofratingactionsisattheendofthis
commentary.
IndRawillnolongerprovideratingsoranalyticalcoverageforTCL.

TCLsratingsareasfollows:
LongTermIssuerRating:INDAA+OutlookStableratingwithdrawn
INR36billionbankfacilities:INDAA+OutlookStableandINDA1+ratingwithdrawn
INR2billioncommercialpaperprogramme:INDA1+ratingwithdrawn

SOLICITATION DISCLOSURES
Additionalinformationisavailableatwww.indiaratings.co.in.Theratingsaboveweresolicitedby,oronbehalfof,the
issuer,andtherefore,IndiaRatingshasbeencompensatedfortheprovisionoftheratings.
Ratingsarenotarecommendationorsuggestion,directlyorindirectly,toyouoranyotherperson,tobuy,sell,make
orholdanyinvestment,loanorsecurityortoundertakeanyinvestmentstrategywithrespecttoanyinvestment,loan
orsecurityoranyissuer.

PARTICIPATION DISCLOSURES
Theissuerdidnotparticipateintheratingprocess,orprovideadditionalinformation,beyondtheissuer'savailable
publicdisclosure.

DISCLAIMER

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE

READ

THESE

LIMITATIONS

AND

DISCLAIMERS

BY

FOLLOWING

THIS

LINK:

HTTPS://WWW.INDIARATINGS.CO.IN/RATINGDEFINITIONS.INADDITION,RATINGDEFINITIONSANDTHETERMSOF
USEOFSUCHRATINGSAREAVAILABLEONTHEAGENCY'SPUBLICWEBSITEWWW.INDIARATINGS.CO.IN. PUBLISHED
RATINGS,CRITERIA,ANDMETHODOLOGIESAREAVAILABLEFROMTHISSITEATALLTIMES.INDIARATINGSCODEOF
CONDUCT,CONFIDENTIALITY,CONFLICTSOFINTEREST,AFFILIATEFIREWALL,COMPLIANCE,ANDOTHERRELEVANT
POLICIESANDPROCEDURESAREALSOAVAILABLEFROMTHECODEOFCONDUCTSECTIONOFTHISSITE.

Rating Outstanding

(Ason28/Dec/2016)

LongTermIssuerRating

WD

BankLoan

WD

INR36000m

BankLoan

WD

INR36000m

CommercialPaper

WD

INR2000m

Applicable Criteria
CorporateRatingMethodology

Analyst Names
PrimaryAnalyst
SudarshanShreenivas

Director
IndiaRatingsandResearchPvtLtdWockhardtTowers,4thfloor,WestWingPlotC2,GBlock.
BandraKurlaComplexBandra(East),Mumbai400051
+912240001783

SecondaryAnalyst
AmeyJoshi

AssociateDirector
+912240001794

CommitteeChairperson
AbhashSharma

Director
+9102240001778

MediaRelation
MihirMukherjee

ManagerCorporateCommunicationsandInvestorRelations
+912240356121


TP

TATA

Credit rating agencies for Tata Chemicals Ltd, lndia

Agency
Moody's lnvestor
Service
Fitch Ratings

Type/!nstrument
LT Corporate Family Rating

22

Dec 2016

Current rating

Foreiqn Currency
Foreign Currency Long-Term
lssuer Default Rating (lDR)
Non-Convertible Debentures
of Rs 250 crore

Bal Stable

BB+
wth Stable ouJook

CARE AA+

Long term bank facilities Rs CARE AA+

CARE Ratings

765 crore

Short term bank facilities of CARE Al+

Rs 3,580 crore
CR:SIL Lim ed

Brickwork Ratings

Short Term Debt Programme CRiSiL Al+

(lncluding Commercial Paper)
for Rs 600 crore
Non-Convertible Debentures BWR AA+ (outlook stable)
under "watch with
of Rs 250 crore
developinq implications"