Tata Steel's gross debt rose to Rs. 85,475 crore at the end of the June quarter of the fiscal, from Rs. 81,975 crore in the year-ago period, mainly due to increase in India and Tata Steel Global procurement. Its net debt also rose by Rs. 4,171 crore to Rs. 75,259 crore during the same period. 

In a same regulatory filing, Tata Steel said as part of review by Brickwork Ratings, the agency on October 27, 2016 revised Tata Steel Ltd's credit rating to BWR AA from BWR AA+ for NCD and BWR AA- from BWR AA for the perpetual debt, with a negative outlook. 

"While the company clarified its position vide its press release dated October 27, 2016, according to Brickwork, the ratings change has resulted due to the uncertainty consequent to the recent change in top management at Holding Company/Group Level which could slow down vital decisions such as cost cutting and deleveraging the Balance sheet concerning the unprofitable UK operations and restructuring of the European business," the report by the Brickwork ratings said.

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