S&P rates Jaguar notes B

S&P said it assigned its B issue rating and 3 recovery rating to the proposed benchmark sized senior unsecured notes to be issued by Jaguar Land Rover Automotive plc.

Proceeds are expected to be used to bolster liquidity.

“Management continues to actively seek further new sources of funding. We view this proposed benchmark issuance as aligning with JLR’s funding strategy for fiscal 2021 (year ended March 31, 2021), as the group’s management previously informed the market,” S&P said in a press release.

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