Singapore, June 21 -- : Moody's Investors Service has downgraded Tata Motors Ltd's (TML) corporate family rating and the company's senior unsecured instruments rating to Ba3 from Ba2.
The outlook remains negative, it said in a statement.
"The downgrade reflects the sustained deterioration in TML's credit profile, with weaker than anticipated credit metrics -- led by the weak performance of its 100 per cent owned subsidiary Jaguar Land Rover (JLR) -- and our expectation that it will take longer than we had previously expected for the company's free cash flows to return to positive territory," said Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer.
TML's credit metrics for the fiscal year ending March 2019 were significant...