Global rating agency Moody's Investors Service has downgraded Tata Motors’ credit rating by a notch on the floundering performance of its British subsidiary Jaguar Land Rover. The corporate family rating and the company’s senior unsecured instruments rating have also been downgraded to ‘Ba3’ from ‘Ba2’, with a negative outlook.
Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
