Moody’s ups Jaguar Land Rover, debt to Ba1

Moody's Investors Service said it upgraded Jaguar Land Rover Automotive plc's (JLR) corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and senior unsecured instrument ratings to Ba1 from Ba2.

The outlook remains positive.

"The upgrade of JLR's ratings have been triggered by a successful track record of solid operating performance with strong financial metrics, while at the same time increasing its geographic diversification, broadening its product range and building up capacity outside the UK. We believe that these measures will result in better resilience to cyclical swings in car demand and to the demand swings driven by the life cycle of single models," Falk Frey, Moody's senior vice president and lead analyst for Jaguar Land, said in a news release.

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