S&P rates Jaguar notes B+

S&P said it assigned its B+ issue rating to the proposed senior unsecured notes to be sold by Jaguar Land Rover Automotive plc. Jaguar plans to offer €150 million of notes maturing 2026.

Proceeds are expected to be used to bolster liquidity. In November, JLR sold €300 million and €500 million of senior unsecured notes for the same purpose.

“We view this proposed issuance as aligning with JLR’s funding strategy for fiscal year 2020 (ending March 31, 2020), as JLR management previously informed the market,” said S&P in a press release.

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