U.K.-Based Automaker Jaguar Land Rover PLC Assigned 'B+' Preliminary Corporate Credit Rating; Outlook Stable May 11
Standard & Poors, May 2011
Abstract
U.K.-based automaker Jaguar Land Rover PLC (JLR) plans to refinance existing debt and repay preference shares by issuing -1 billion-equivalent of senior unsecured notes. Based on our criteria, we assess JLR's financial risk profile as "aggressive" and its business risk profile as "weak." We are assigning our preliminary 'B+' corporate credit rating to JLR, factoring in some support from 100% owner Tata Motors. We are also assigning a preliminary 'B+' issue rating and '4' recovery rating to JLR's planned -1 billion-equivalent senior unsecured notes. The stable outlook reflects our opinion that the company is likely to maintain credit measures in line with the rating over the cycle. MILAN (Standard & Poor's) May 9, 2011--Standard & Poor's Ratings Services said today...
Companies mentioned in this report are: Jaguar Land Rover PLC
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Jaguar Land Rover PLC
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