Fitch Ratings maintained its Ratings Watch Evolving on Tata Steel's 'BB' longterm issuer default rating (IDR) and Tata Steel UK Holding's 'B' long-term IDR as it awaits the outcome of the European Commission’s review of the company’s proposed joint venture with Thyssenkrupp. While Tata Steel and Thyssenkrupp are committed to completing the transaction, the deal may be delayed if the European Commission calls for changes due to competition issues, Fitch said. Another key ratings driver was a moderation in global and domestic steel prices despite strong demand, which is expected to lower margins.
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