Tata Capital to raise up to $2 billion from overseas mkt

TATA CAPITAL, which after the merger with the group company Tata Motor's NBFC subsidiary has become the 12th largest non-bank player in terms of AUM, is tapping the global debt market to raise up to $2 billion as part of its medium-term notes (MTN) programme.

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Global rating agency S&P on Monday assigned a BBB- rating to the issue.

It is not immediately known when the company will hit the market or how much they are going to raise in the first tranche, but typically a rating comes when an issuer is already in the market.

Tata Capital did not respond to an email from TNIE. "We equalized the ratings on the senior secured and senior unsecured notes under the MTN programme with our long-term issuer credit rating on the issuer. This is because the company is prudentially regulated," S&P said in a note.