The next year and a half will be key for Tata Motors Ltd. as scrutiny of its debt metrics builds amid expectations the performance of its subsidiary Jaguar Land Rover Automotive Plc will underwhelm.
S&P Global Ratings cut Tata Motors’s long-term rating deeper into junk on Tuesday, the second downgrade for the Indian automaker in five months, citing headwinds for Jaguar Land Rover in some of its key markets. Leverage for the Mumbai-based company may deteriorate over the next 12 to 18 months due to the weaker-than-expected performance of the European subsidiary, S&P said.
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