Moody's upgraded Tata Motors Limited's CFR to Ba1 and senior unsecured instruments' ratings to Ba1.

Moody's upgraded Tata Motors Limited's (TML) Corporate Family Rating (CFR) to Ba1 from Ba3, and also upgraded TML's senior unsecured instruments' ratings to Ba1 from Ba3. The upgrades are attributed to TML's sustained revenue growth, improved profitability, and reduced debt using its free cash flow, despite elevated capital expenditure to refresh products. Moody's expects TML's leverage to remain between 1.3x-1.5x over the next two fiscal years.

August 07, 2024
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