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S&P lowers Jaguar Land Rover
S&P said it lowered its long-term issuer credit rating on Jaguar Land Rover Automotive plc to BB- from BB. The rating remains on CreditWatch with negative implications.
At the same time, S&P lowered the issue ratings on JLR's senior unsecured notes to BB- from BB. The recovery rating on the debt is 3, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a default.
The issue rating also remains on CreditWatch with negative implications.
“The first seven months of JLR's fiscal year 2019 (ending on March 31, 2019) proved challenging overall for the U.K. premium car manufacturer. Retail sales, including vehicles sold by its Chinese joint venture (JV), were down 4.2%,” S&P said in a news release.
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