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S&P upgrades Jaguar Land Rover
Standard & Poor's said it raised the long-term corporate credit rating on Jaguar Land Rover Automotive plc to BB from BB-.
The outlook is stable.
The agency also said it raised the rating on Jaguar Land Rover's senior unsecured debt to BB from BB-, which is in line with the action on the corporate credit rating.
The agency also said it changed the recovery rating on this debt to 3 from 4, indicating 50% to 70% expected default recovery.
The company has confirmed its solid positioning in the premium car segment, S&P said. In fiscal 2013, it maintained a steady operating margin and generated an estimated free operating cash of more than £400 million, notwithstanding its increased investments, the agency said.
The company is continuing to increase its investment to expand its Land Rover product range and the re-launch of its Jaguar brand, S&P said. The company benefits from the positive momentum of demand from premium cars in all the major economies, the agency added.
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