S&P downgrades Tata Motors, subsidiary JLR credit rating for weak profits
29 March 2019 12:56 PM IST
The rating agency cited weakness in profitability of JLR as main reason for downgrading credit rating of Tata Motors and JLR.
On Monday, Tata Motors reported 49 per cent decline in March quarter 2019 results at Rs 1,108.66 crore.
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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