Update on Credit Rating

Moody's Ratings has upgraded Tata Steel Limited's long-term foreign currency issuer rating from 'Baa3 (Stable)' to 'Baa2 (Stable)'. This upgrade was part of Moody's broader methodology update on how it assesses sovereign linkages for issuers. The Baa2 rating includes a one-notch uplift based on Moody's expectation of extraordinary support from parent company Tata Sons in a stress scenario. The outlook on the rating remains stable. Tata Steel continues to benefit from its close association with the Tata Group, including the Tata brand strength which supports its access to funding and relationships with lenders.