EU AUTOMOTIVE: Jaguar Land Rover: Moody’s Upgrade
Jun-13 11:12
(TTMTIN Ba1pos/BBB-pos/ -)
- Moody’s closes the gap to S&P with outlook still positive. No change to index eligibility; bonds will remain with HY as the lower of two ratings is considered.
- The upgrade was driven by a one-notch parental support uplift. Demerger activity will leave JLR > 90% of parent Tata Motors’ EBITDA.
- JLR achieved its goal of reported net debt at FY24. Moody’s has adjusted gross leverage over 2x and expects metrics to remain stable.
- Barriers to upgrade are low, with leverage, margin and FCF metrics only needing to be maintained, which it expects. Moody’s also wants to see growing BEV share which should follow upcoming product launches.
- It affirmed Tata Motors at the same time with outlook positive. The parent rating will mainly be driven by JLR, with metrics also on track there.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI EXCLUSIVE: MNI Speaks to Former BOJ Executive Director Kazuo Momma
May-14 11:11
- MNI speaks to former BOJ executive director in charge of monetary policy and chief economist Kazuo Momma -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
STIR FUTURES: BLOCK: Mar'26 SOFR 1Y Bundle
May-14 11:07
- 3,000 SFRH6 1Y bundle (SFRH6-SFRZ6) +0.040 at 0657:34ET - likely swap-tied receiver with spreads moving tighter.
EU-BOND AUCTION PREVIEW: On offer next week
May-14 11:04
The EU has announced it will be looking to sell the following at its auction next Monday, May 19:
- Up to E2.5bln of the 3.125% Dec-28 EU-bond (ISIN: EU000A3K4EN5)
- Up to E2.0bln of the 2.50% Dec-31 EU-bond (ISIN: EU000A3L1DJ0)
- Up to E1.5bln of the 3.25% Jul-34 EU-bond (ISIN: EU000A3K4D41)
