Fitch Ratings has assigned Tata Steel (TSL; BB+/Stable) proposed US dollar and euro denominated senior unsecured guaranteed notes an expected rating of 'BB+(EXP)'.

The notes are therefore rated at the same level as TSL's foreign-currency senior unsecured rating of 'BB+'. The final rating of the proposed notes is contingent upon the receipt of documents conforming to information already received.

Proceeds of the notes will be used to refinance the group's offshore debt obligations and for general corporate purposes outside India. The notes will rank pari passu with the TSL's existing and future senior unsecured indebtedness.

Shares of the company gained Rs 3.75, or 0.67%, to trade at Rs 565.75. The total volume of shares traded was 237,857 at the BSE (11.05 a.m., Monday).