Care Ratings downgrades Tata Motors to AA from AA+

The rating revision is for its long term bank facilities and non-convertible debentures. The revised rating indicates that the outlook is stable.

Feb 19, 2019 08:02 IST India Infoline News Service

Tata Motors Malaysia
Tata Motors announced in a regulatory filing on Tuesday morning that CARE Ratings' Credit Research has downgraded the company's credit rating to AA from AA+. The rating revision is for its long term bank facilities and non-convertible debentures. The revised rating indicates that the outlook is stable. 

Tata Motors (TML) is currently facing several headwinds in its Britain-based luxury car brand JLR, which has dragged the consolidated entity’s performance and resulted in losses and strained cash flows. Standalone business has continued to perform well, however, its contribution to consolidated revenue is only 25%.

Tata Motors Ltd is currently trading at Rs165 up by Rs2 or 1.23% from its previous closing of Rs163 on the BSE.

The scrip opened at Rs164.80 and has touched a high and low of Rs165.80 and Rs161.10 respectively. So far 98,63,745 (NSE+BSE) shares were traded on the counter.

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