New Delhi, May 10 -- Fitch Ratings has affirmed Tata Steel Limited's (TSL) Issuer Default Rating (IDR) at 'BBB-' with a "negative" outlook, and the senior unsecured rating at 'BBB-', the rating agency said in a statement.

Concurrently, Fitch has withdrawn Tata Steel Limited's ratings. On Friday, Fitch said it has chosen to withdraw Tata Steel's ratings for "commercial reasons".

The "negative" outlook, according to the rating agency, reflects the risks of a sustained weakening in Tata Steel's financial profile from a persistent oversupplied steel industry market and a prolonged period of EBITDA volatility at the company's European operations from restructuring plans.

The rating agency projects a near-term EBITDA weakness in India, on ac...