S&P Global Ratings revises Tata Motors Passenger Vehicles outlook to negative

CHENNAI, Oct 24:

Credit rating agency S&P Global Ratings has revised its outlook on Tata Motors Passenger Vehicles Ltd (Tata Motors PV) to negative owing to the slow recovery of operations at Jaguar Land Rover.

The credit rating agency affirms its ‘BBB’ rating of Tata Motors PV.

“The negative outlook reflects our view that a recovery from the operational disruption following a cyber incident at JLR could be prolonged and lead to Tata Motors PVs’ credit metrics staying weaker for longer,” S&P Global Ratings said.

The credit rating agency expects cash flow at Tata Motors Passenger Vehicles Ltd (formerly known as Tata Motors Ltd.) to be significantly lower due to a prolonged operational disruption at its wholly owned subsidiary, Jaguar Land Rover Automotive PLC (JLR).

JLR has since resum