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S&P upgrades Tata issuers
S&P Global Ratings upgraded the following Tata Group entities to reflect its reassessment of ongoing influence as well as the potential for extraordinary financial support from the unrated parent, Tata Sons Pte. Ltd.
“We regard the credit quality of Tata Sons to be strongly investment grade,” S&P said in a press release.
The agency raised Tata Steel Ltd. and its 100%-owned financing subsidiary ABJA Investment Co. Pte. Ltd. to BBB- from BB, Tata Motors Ltd. and its 100% subsidiary TML Holdings Pte. Ltd. to BB- from B and Jaguar Land Rover Automotive plc to B+ from B.
The agency removed the ratings from CreditWatch, where they were placed with positive implications,”
The outlook is stable.
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