IndiaRatings Fitch Group

&Research.

Mr. S K Mishra
Chief Financial Officer
Tata Steel Long Products Limited
3rd Floor, Utkal Chamber of Commerce & Industry Building,
(Near Hotel Crown)
N16, IRC Village, Nayapalli
Bhubaneshwar, PIN-751015

November 11, 2019

Kind Attn: Mr. S K Mishra, Chief ()dicer

Dear Sir,

Re: Rating Letter for Tata Steel Long Products Limited.

India Ratings and Research (Ind-Ra) has affirmed Tata Steel Long Products Limited's (TSLPL) Long-
Term Issuer Rating at 'IND AA'. The Outlook is Stable. The instrument-wise rating actions are given
below:
Instrument Type Maturity Date Size of Issue ( b i l l i o n ) Rating Action
Rating/Outlook
Term loan 31 March 2031 1NR29 IND AA/Stable Affirmed
Proposed long-term - 1NR1 Provisional IND AA/Stable Affirmed
loan*
Proposed working - INR12.02 Provisional IND Affirmed
capital limits*# AA/Stable/Provisional
IND Al+
Fund-baSed limits$^ INR4.7 IND AA/Stable Assigned
Non-fund-based INR3.28 IND Al+ Assigned
limits^
* The ratings are provisional and shall be confirmed upon the execution of the loan documents for the
above facility by TSLPL to the satisfaction of Ind-Ra
# Interchangeable between fund-based and non-fund-based limits
$, Fully interchangeable with non-fund based limits
A
The assignment of the final ratings follows the receipt of the final documents conforming to the
information already received by Ind-Ra.
Details of bank facilities are mentioned in the Annexure.

In issuing and maintaining its ratings, India Ratings relies on factual information it receives from issuers
and underwriters and from other sources India Ratings believes to be credible. India Ratings conducts a
reasonable investigation of the factual information relied upon by it in accordance with its ratings
methodology, and obtains reasonable verification of that information from independent sources, to the
extent such sources are available for a given security.

The manner of India Ratings factual investigation and the scope of the third-party verification it obtains
will vary depending on the nature of the rated security and its issuer, the requirements and practices in
s 1/4

India Ratings & Research Private Limited A Fitch Group Company

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