S&P lowers Tata Motors rating over JLR's weaker-than-expected profitability

S&P Global Ratings on Tuesday lowered the credit rating of Indian automaker Tata Motors Ltd and its luxury car unit Jaguar Land Rover Automotive Plc (JLR), citing weaker-than-expected profitability at JLR. JLR has been hit hard due to trade tensions between China and the United States, low demand for diesel cars in Europe and worries over Brexit.

S&P cut its rating on Tata Motors' issuer credit and senior unsecured notes to 'BB-' from 'BB'. The ratings remain on negative watch, reflecting the uncertainties.

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