Tata Motors Passenger Vehicles Ltd.

Credit rating agency, CARE has assigned AA rating to Tata Motors’ proposed long term Non Convertible Debentures (NCD) issue worth Rs 700 crore.

The company has received the said rating on the back of robust performance of Jaguar and Land Rover (JLR) in FY12, leading to an improvement in the financial profile of Tata Motors (TML).

Tata Motors registered a 12% growth in its total sales at 71,826 vehicles for the month of August 2012, including exports of Tata commercial and passenger vehicles. Besides, the company’s domestic sales rose by 13% at 67,453 vehicles as against 59,874 vehicles sold in August last year.