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Last Updated : Dec 04, 2018 09:50 PM IST | Source: PTI

S&P downgrades Tata Motors, JLR credit ratings

Last month, Moody's Investors Service had changed Tata Motors' rating outlook to negative from stable, citing expectations of weak operating performance of JLR.

 
 
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Homegrown auto major Tata Motors said S&P Global Ratings has downgraded the credit rating of the company and its British arm Jaguar Land Rover Automotive.

Tata Motors' issue credit rating and senior unsecured notes rating have been revised to 'BB-/negative watch' from the existing 'BB' due to weaker profitability at JLR, the company said in a regulatory filing.

Similarly, the issuer credit rating and senior unsecured notes rating of JLR have been revised to 'BB-/Negative Watch' from 'BB' due to weaker profitability, it added.

As per S&P, a 'BB' rating indicates an entity's possibility of facing major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

Last month, Moody's Investors Service had changed Tata Motors' rating outlook to negative from stable, citing expectations of weak operating performance of JLR.

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First Published on Dec 4, 2018 09:36 pm
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