Disappointed with S&P rating downgrade: JLR
Tata Motors-owned Jaguar Land Rover (JLR) Friday said it is disappointed by S&P's decision to downgrade its credit rating but added that it expects better cash flow in the fourth quarter.
In a regulatory filing, JLR said it expects improved financial results in the fourth quarter period to March 31, 2019, compared to the first nine months of the financial year, with significant positive cash flow in the fourth quarter.
The company is continuing to execute its product plans and Project Charge turnaround strategy to deliver 2.5 billion pounds of cash flow improvements by March 2020, it added.
Earlier this week, S&P Global Ratings downgraded the credit rating of Tata Motors and JLR, citing weak profitability.
S&P had cut its rating on senior unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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