S&P affirms Jaguar Land Rover

S&P said it affirmed the BB+ long-term corporate credit rating on Jaguar Land Rover Automotive plc and affirmed the BB+ issue rating on its senior unsecured notes. The recovery rating remains at 3 due to the unsecured nature of the debt.

The outlook is stable.

The stand-alone credit profile remains at bbb-.

“We believe Jaguar Land Rover Automotive's retail volumes will pick up toward the latter half of fiscal year 2018 from a 3.5% year-on-year increase reported in the first quarter of fiscal 2018,” S&P said in a news release.

“We think that the group's liquidity is adequate, versus strong previously, based on our expectation of negative cash flow generation after investments for the full year.”

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