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S&P Global Ratings on Friday lowered the long-term credit rating of Tata Motors to ‘BB’ from ‘BB+’ citing weakening volumes and other operational issues plaguing its cash-cow Jaguar Land Rover (JLR) but retained its outlook at ‘stable’. The agency also lowered Tata Motors’ long-term issuer rating on the dollar-denominated senior unsecured notes to ‘BB’ from ‘BB+’. Shareholders of the company will closely track the domestic performance of JLR as well as Tata Motors.
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