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Tata Motors Limited (TML) -- Corporate family rating upgraded to Ba2/Stable from Ba3/Stable. For Tata Steel, rating upgraded to Ba2 from Ba3 and remains on review for upgrade, rating agency said in a statement.
Tata Chemicals Ltd's -- Corporate family rating upgraded to Ba1/Stable from Ba2/Stable.
For Tata Power rating has been raised to Ba3/Stable from B1/negative. The senior unsecured rating upgraded to Ba3/stable from B2/negative, thus no longer notching for subordination.
Tata Consultancy Services (TCS) -- Local currency issuer rating affirmed at A3/Stable.
Alan Greene, a Moody's Vice President, Senior Credit Officer said the multiple rating actions are based on the track record of Tata Sons in providing timely support to its investee companies.
Rating assessment also captures ability to provide future support, and on the need to protect the brand reputation of Tata from the consequences of an entity's distress.
"In recent years, we have seen Tata Sons inject money, typically through equity rights issues, into its companies, to fund their growth plans or to bolster any weak balance sheets", he said.
As Tata's involvement in consumer facing businesses in India increases, coupled with its growing international presence, the Tata name, with more than 100 years of history, has become a globally significant brand. It is therefore critical to maintain the Group's standing with customers, employees and investors alike, Greene said.
Dividends paid by TCS, a 73.7%-owned subsidiary, are the predominant source of funds for Tata Sons. In the last ten years since its IPO, TCS has become India's largest business process services/IT services outsourcing company and a leading, globally competitive business.
