Tata Motors Passenger Vehicles Credit Rating Revised by S&P Global Ratings

On October 23, 2025, S&P Global Ratings revised the credit ratings of Tata Motors Passenger Vehicles Limited (formerly known as Tata Motors Limited) and its wholly owned subsidiaries. The revision, disclosed under Regulations 30 and 51(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, reflects changes in the company’s long-term outlook and credit risk profile across multiple entities within the Tata Motors group.

S&P Global Ratings Revises Outlook for Tata Motors Passenger Vehicles

Tata Motors Passenger Vehicles Limited’s long-term issuer credit rating was downgraded from BBB/Stable to BBB/Negative. This change indicates a shift in S&P Global’s outlook from stable to negative, implying potential challenges in maintaining the company’s financial strength amid changing market conditions. The revision comes amid a broader reassessment of global automotive sector risks and the group’s ongoing operational realignment.

Impact on Jaguar Land Rover and TML Holdings

S&P Global Ratings also adjusted the outlook for Tata Motors’ key subsidiaries. Jaguar Land Rover Automotive Plc’s long-term issuer rating was revised from BBB-/Positive to BBB-/Negative, while its senior unsecured debt rating was reaffirmed at BBB-. This indicates continued investment-grade status but with increased caution regarding future performance. 

TML Holdings Pte. Limited saw its long-term issuer rating move from BBB/Stable to BBB/Negative, and its senior unsecured notes rating was lowered from BBB to BBB-. These revisions suggest tightening financial conditions across Tata Motors’ global operations.

Read More:Tata Motors Passenger Vehicles Delivers Over 1 Lakh Units During Festive Season, Records 33% Growth!

Regulatory Disclosure and Compliance

The company formally notified the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) about the rating changes through an official filing dated October 23, 2025. The disclosure, signed by Maloy Kumar Gupta, Company Secretary of Tata Motors Passenger Vehicles Limited, ensures transparency and compliance with SEBI’s regulatory framework. It highlights the company’s commitment to providing timely updates to investors and stakeholders regarding any material changes affecting credit assessments.

Conclusion

The revision in credit ratings by S&P Global Ratings marks a cautious turn in the outlook for Tata Motors Passenger Vehicles and its subsidiaries, including Jaguar Land Rover and TML Holdings. While the ratings remain within investment-grade territory, the negative outlook underscores the need for sustained operational performance and financial discipline amid evolving market challenges.

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