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Moody’s has upgraded the ratings for many Tata Group companies including Tata Motors, Tata Steels and TCS reflecting systemic and financial support from group holding company Tata Sons and close association with the Tata brand.
Tata Motors Corporate family rating was upgraded to Ba2/Stable from Ba3/Stable while Tata Steel rating was hiked to Ba2 from Ba3. Tata Chemicals corporate family rating upgraded to Ba1/Stable from Ba2/Stable, said the rating agency in a statement.
For Tata Power the rating was raised to Ba3/Stable from B1/negative. The senior unsecured rating upgraded to Ba3/stable from B2/negative, thus no longer notching for subordination. The local currency issuer rating of Tata Consultancy Services was affirmed at A3/Stable. Alan Greene, Vice President and Senior Credit Officer, Moody’s said the multiple rating actions are based on the track record of Tata Sons in providing timely support to companies it has invested in.
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