S&P Global Ratings revises Tata Motors passenger vehicles outlook to negative

Tata Motors Passenger Vehicles Limited and its wholly-owned subsidiaries have seen a revision in their credit ratings, as announced on October 23, 2025, following S&P Global Ratings' rationale. The long-term issuer credit rating for Tata Motors Passenger Vehicles Limited has shifted from BBB/Stable to BBB/Negative.

Jaguar Land Rover Automotive Plc's long-term issuer credit rating moved from BBB-/Positive to BBB-/Negative, while its senior unsecured debt (issue rating) of BBB- was reaffirmed. TML Holdings Pte. Limited's long-term issuer credit rating also changed from BBB/Stable to BBB/Negative, with its senior unsecured notes (issue rating) remaining at BBB-.

The revision, effective October 23, 2025, impacts the entities' overall credit profile. This intimation was provided to the BSE Limited and the National Stock Exchange of India Ltd's Listing Compliance Department.