Moody's affirms Tata Motors

Moody's Investors Service said it affirmed the B3 corporate family rating of Tata Motors Ltd.

The outlook is changed to stable from negative.

The outlook change reflects the completion of the refinancing of the maturing $2 billion bridge loan, originally raised in June 2008 for the company's acquisition of Jaguar Land Rover, Moody's said.

The successful refinancing reflects the company's strong support from the domestic banking sector during challenging times for the credit markets, the agency said.

This support is a result of the company's strong domestic market position and the reputation it enjoys as part of the Tata Group, Moody's added.

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