CRISIL downgrades rating of Tata Motors to 'AA-' on JLR outlook
Crisil on Wednesday downgraded the rating of Tata Motors by a notch to 'AA-' on weakening of outlook on the business risk profile of Jaguar Land Rover (JLR).
The long term rating of the company has been downgraded from 'AA' to 'AA-' with negative outlook, Tata Motors said in a regulatory filing.
The rating action is based on the weakening of outlook on the business risk profile of JLR, it said.
Earlier this week, global ratings agency S&P reaffirmed Tata Motors' long-term issuer and issue credit ratings at 'B+' and kept the outlook negative due to high cash burn at its British arm Jaguar Land Rover and geopolitical risks.