Tata Motors Passenger Vehicles Ltd.

Global rating agency Standard & Poor's Ratings (S&P) has revised outlook on Tata Motors from ‘positive’ to ‘stable’. The rating agency has downgraded the outlook as demand slowdown in China and continuing capital expenditure at Jaguar Land Rover Automotive Plc (JLR) are expected to result in negative free operating cash flows and weaker financial ratios for the company in fiscal 2016.

Meanwhile, S&P affirmed its ‘BB’ long-term corporate credit rating and ‘BB’ long-term issue rating on the U.S.-dollar denominated senior unsecured notes issued by the company.

Tata Motors is India’s largest automobile company, with consolidated revenues of Rs 262,796 crores ($42.04 billion) in 2014-15. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia.