Moody’s assigns TML notes Baa3

Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to the proposed notes to be issued by TML Holdings Pte Ltd., a wholly-owned subsidiary of Tata Motors Ltd. The assigned Baa3 rating is under review for downgrade.

“The notes are supported by an irrevocable standby letter of credit from Bank of Baroda, London Branch. The bank’s counterparty risk is Baa3. The notes’ rating is based on the bank’s counterparty risk, Moody’s said.

Moody’s placed the £98 million 4 percent credit enhanced notes due 2023, assigned Baa3, on review for downgrade.

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