Moody's downgrades Jaguar Land Rover

Moody's Investors Service said it downgraded Jaguar Land Rover Automotive plc's corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD, as well as all of the senior unsecured instrument ratings to Ba3 from Ba2.

The outlook is negative.

The downgrades reflect Jaguar Land Rover's continued weak operating performance in the first and second quarter of its fiscal year 2019, which is below expectations and results in financial metrics that are lower than the Ba2 rating category, the agency said.

The negative outlook reflects the significant challenges the company faces to quickly turnaround the negative performance trend against the heightened market risks for sizable weaker Chinese market demand, Moody's said.

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