S&P downgrades Tata Motors, JLR credit rating

S&P Global Ratings has downgraded the credit rating of Tata Motors and its wholly-owned subsidiary Jaguar Land Rover (JLR), citing weak profitability, Tata Motors 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 Tata Motors Thursday ended 0.41 per cent up at Rs 170.60 apiece on the BSE.