Business Autos 29 Mar 2019 S&P downgrades T ...

S&P downgrades Tata Motors, subsidiary JLR credit rating for weak profits

PTI | DECCAN CHRONICLE
Published Mar 29, 2019, 12:54 pm IST
Updated Mar 29, 2019, 12:54 pm IST
"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," Tata Motors said in a regulatory filing.
 "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," Tata Motors said in a regulatory filing.

New Delhi: S&P Global Ratings has downgraded the credit rating of Tata Motors and its wholly-owned subsidiary Jaguar Land Rover (JLR), citing weak profitability, the company said on 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," Tata Motors 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. PTI MSS RVK

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