Singapore: S&P World Rankings on Friday positioned the long-term issuer and concern credit score rankings on Tata Metal Ltd, Tata Motors, ABJA Funding Co Pte Ltd, TML Holdings Pte Ltd and Jaguar Land Rover Automotive Plc on creditwatch with optimistic implications.
The creditwatch alerts that S&P may probably reassess relationship between these Tata Group entities and the holding firm Tata Sons Pte Ltd (unrated), the potential for extraordinary assist from Tata Sons, and due to this fact the rankings on these group entities.
“We regard the credit score high quality of Tata Sons to be strongly funding grade,” mentioned S&P. We imagine Tata Sons and its subsidiaries and associates have turn into extra cohesive in recent times.”
Beforehand, S&P mentioned it thought of Tata Sons as an unlisted funding holding firm for the group and didn’t consider any direct assist in assessing the credit score profiles of the person group firms.
“Though we imagine the varied group firms nonetheless function independently underneath skilled administrators and administration, we observe a higher affect of Tata Sons on the technique and monetary insurance policies of the group.”