Singapore, Nov. 12 -- : Moody's Investors Service said on Tuesday it has assigned a Ba3 rating to the proposed senior unsecured notes to be issued by Tata Motors Ltd (TML).
The rating outlook is negative. The proposed notes rank pari passu (on equal footing) with TML's existing senior unsecured notes and are therefore rated at the same level as these notes and TML's Ba3 corporate family rating.
"The Ba3 ratings reflect TML's leading market position in commercial vehicles in India, 100 per cent ownership of the premium and luxury car manufacturer Jaguar Land Rover (JLR) Automotive Plc and ownership by Tata Sons, which results in a one-notch uplift, reflecting our expectation of continued parental support when needed," said Kaustubh Chaubal...