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S&P gives TML notes B
S&P said it gave a B long-term issue rating to the planned benchmark-size U.S. dollar-denominated senior unsecured notes issued by TML Holdings Pte. Ltd.
“We consider TML Holdings to be a core subsidiary of Tata Motors and we equalize the issuer credit rating on TML Holdings with that on Tata Motors. We rate the notes the same as the issuer credit rating on TML Holdings,” S&P said in a press release.
The proceeds will be used primarily to refinance a £225 million loan due in July 2022, with the balance retained to improve liquidity.
The outlook is stable.
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