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S&P raises Tata Motors
S&P said it raised its issuer and debt ratings for Tata Motors Ltd. and its core subsidiary, TML Holdings Pte. Ltd., to BB+ from BB. Tata owns Jaguar Land Rover Automotive plc.
“Tata Motors' debt reduction will likely accelerate over the next 12-18 months, driven primarily by strong free operating cash flow (FOCF) at JLR. We expect JLR to report positive FOCF of over £2 billion in both fiscals 2024 (year ending March 2024) and 2025, compared with about £500 million in fiscal 2023. This will likely drive sharp deleveraging at Tata Motors,” the agency said in a press release.
S&P said it estimates Tata Motors' adjusted debt will plunge to about Indian rupee (Rs.) 250 billion by March 2025 from about Rs. 680 billion as of March.
The outlook is positive.
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