BENGALURU, Aug 5 (Reuters) - ICRA, the Indian unit of Moody’s Investors Service, on Monday downgraded automaker Tata Motors Ltd by a notch, citing “continued deterioration” in the financials of its British luxury car unit Jaguar Land Rover (JLR).
ICRA cuts its ratings on Tata Motors’ non-convertible debentures, long-term loans and fund-based facilities to “AA-“ (negative) from “AA” (negative).
“The revision in the rating reflects the continued deterioration in the financial profile of Jaguar Land Rover... amid headwinds in China and Europe (including the UK) markets,” ICRA said in a statement revision in the rating reflects the continued deterioration in the financial profile of Jaguar Land Rover PLC (JLR), Tata.
Troubles at JLR, which have been a pain point for Tata Motors for many quarters now, along with a slump in domestic demand, caused the Indian auto giant to post a wider-than-expected loss in the three months ended June 30. (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)