Credit rating agency, Moody’s has upgraded Tata Motors' subsidiary Jaguar Land Rover Automotive’s (JLR) corporate rating from ‘Ba3’ to ‘Ba2’. The rating agency has also upgraded JLR’s senior unsecured notes to Ba2 with a loss given default assessment (LGD) of LGD 4-52% from Ba3. The outlook on all ratings is stable.
The upgrade to Ba2 was prompted by JLR’s strong and fairly stable credit metrics over the past three years. JLR reported increase in its volumes which stood at 3,74,636 vehicles in the financial year ended March 2013.
JLR is an UK subsidiary of Tata Motors and it has been supporting the country's largest commercial vehicle maker when the domestic demand for vehicle is weak.
Company Name | CMP |
---|---|
Tata Motors | 1013.80 |
Ashok Leyland | 202.25 |
Force Motors | 9480.00 |
Olectra Greentech | 1709.60 |
Tata Motors - DVR | 684.15 |
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