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S&P downgrades Tata Motors, JLR credit rating

The rating agency cited weakness in profitability of JLR as the main reason for downgrading credit rating of Tata Motors and its British arm.

March 28, 2019 / 05:31 PM IST
 
 
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S&P Global Ratings has downgraded the credit rating of Tata Motors and its wholly-owned subsidiary Jaguar Land Rover (JLR), citing weak profitability, Tata Motors said Thursday.

"We would like to inform that based on S&P Global Ratings, the credit rating of the company and Jaguar Land Rover Automotive Plc has been downgraded," the company said in a regulatory filing.

The rating agency cited weakness in profitability of JLR as the main reason for downgrading credit rating of Tata Motors and its British arm.

S&P cut its rating on senior unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'.

Shares of Tata Motors Thursday ended 0.41 per cent up at Rs 170.60 apiece on the BSE.



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PTI
first published: Mar 28, 2019 05:26 pm
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