Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

We view Tata Steel as "High Risk" on the LARA scale, as we expect the financial risk profile to remain elevated for a sustained period amid the challenging operating environment. We like the company's size, complete vertical integration and diversified operations. We incorporate a credit uplift on account of the Tata Group’s strong reputation, which partly offsets the highly cyclical nature of Tata Steel's commoditised steel-making business. The company's Indian operations enjoy strong domestic demand (which supports capacity expansion) and trade protectionism (the safeguard duty). That said, Tata Steel's balance sheet will remain highly levered in the foreseeable future. This is due to a very challenging steel market and an ill-timed acquisition of Bhushan Steel, which was made just before the market turned sour. Furthermore, Tata Steel Europe is struggling amid the current downcycle and COVID-19 pandemic. Our fundamental Credit Bias remains "Negative" in view of the challenging operating environment, with the weak macroenvironment exacerbated by the pandemic. We expect the group's financial risk profile to remain elevated for a sustained period. We view Tata Steel as "Moderate" on the LAGA scale. We like the company's century-long operating history and the Tata family's reputation. The Board is well-structured, with five INEDs among the 10 directors, and its members have experience in the Indian and international markets.

  We view Tata Steel as "High Risk" on the LARA scale, as we expect the financial risk profile to remain elevated for a sustained period amid the challenging operating environment. We like the company's size, complete vertical integration and diversified operations. We incorporate a credit uplift on account of the Tata Group’s strong reputation, which partly offsets the highly cyclical nature of Tata Steel's commoditised steel-making business.   The company's Indian operations enjoy strong domestic demand (which supports capacity expansion) and trade protectionism (the safeguard duty). That said, Tata Steel's balance sheet will remain highly levered in the foreseeable future. This is due to a very challenging steel market and an ill-timed acquisition of Bhushan Steel, which was made just before the market turned sour. Furthermore, Tata Steel Europe is struggling amid the current downcycle and COVID-19 pandemic.   Our fundamental Credit Bias remains "Negative" in view of the challenging operating environment, with the weak macroenvironment exacerbated by the pandemic. We expect the group's financial risk profile to remain elevated for a sustained period.   We view Tata Steel as "Moderate" on the LAGA scale. We like the company's century-long operating history and the Tata family's reputation. The Board is well-structured, with five INEDs among the 10 directors, and its members have experience in the Indian and international markets. 

Tata Steel - Tear Sheet - Lucror Analytics

Tata Steel Ltd

Tata Steel - Tear Sheet - Lucror Analytics