Mumbai: Following the impproved performance by Tata Motors Ltd in Jaguar and Land Rover, credit rating agency Crisil on Friday upgraded its ratings on the auto maker’s bank facilities and short-term debt programme to “A+/Stable/P1+” from “A/Stable/P1”.
Pawan Agrawal, director, Crisil Ratings, said the upgrade in the rating will lower the cost of funds for Tata Motors. “It will help the company in getting short- and long-term debt at a competitive rate of interest,” he said.
The ratings firm said it believes new model launches and cost cutting initiatives will help Tata Motors sustain the improvement.
