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.
“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 the 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% up at ₹170.60 apiece on the BSE.
