India, Aug. 16 -- Tata Motors said that CRISIL has downgraded the rating of Tata Motors by a notch to 'AA-' on weakening of outlook on the business risk profile of Jaguar Land Rover (JLR).
The long term rating of the company has been downgraded from 'AA' to 'AA-' with negative outlook, Tata Motors said in a regulatory filing.
The rating action is based on the weakening of outlook on the business risk profile of JLR, it said.
Earlier this week, global ratings agency S&P reaffirmed Tata Motors' long-term issuer and issue credit ratings at 'B+' and kept the outlook negative due to high cash burn at its British arm Jaguar Land Rover and geopolitical risks.
Meanwhile, shares of the company were trading at Rs 118.65 apiece, down 1.82 per cent...