S&P downgrades Tata Motors, subsidiary JLR credit rating for weak profits

S&P Global Ratings has downgraded the credit rating of Tata Motors and its wholly-owned subsidiary Jaguar Land Rover (JLR), citing weak profitability, the company said Thursday.

"We would like to inform that based on S&P Global Ratings, the credit rating of the company and Jaguar Land Rover Automotive Plc has been downgraded," the company said in a regulatory filing.

The rating agency cited weakness in profitability of JLR as the main reason for downgrading credit rating of Tata Motors and its British arm.
 

S&P cut its rating on senior unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'. Shares of