Moody's downgrades Tata Motors rating on JLR woes
Global rating agency Moody's today said it has downgraded the corporate family rating on Tata Motors due to the weakening credit metrics at Jaguar Land Rover (JLR). Moody's Investor Services has downgraded Tata Motors rating to Ba2 with a stable outlook. Earlier, the agency had a Ba1 rating on the company.
Moody's said that TML's consolidated adjusted debt/EBITDA is likely to remain elevated over the 12-18 months. Image source: Reuters