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 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," the company 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