Tata Motors Passenger Vehicles Ltd.

S&P Global Ratings has downgraded the credit rating of Tata Motors and its wholly-owned subsidiary -- Jaguar Land Rover (JLR). The rating agency cited weakness in profitability of JLR as the main reason for downgrading credit rating of Tata Motors and its arm. S&P has cut its rating on senior unsecured notes of JLR and Tata Motors to ‘B+’ from ‘BB-’.

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.