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Moody’s downgrades TML Holdings notes
Moody’s Investors Service said it downgraded to Ba1 from Baa3 the rating on the £98 million senior unsecured notes issued by TML Holdings Pte Ltd., a wholly owned subsidiary of Tata Motors Ltd.
The notes are supported by an irrevocable standby letter of credit from Bank of Baroda (London).
“Moody’s rating action was prompted by the downgrade on Sept. 4 of Bank of Baroda’s long-term local and foreign currency deposit ratings to Ba1 from Baa3 and its long-term counterparty risk assessment (CR assessment) to Ba1(cr) from Baa3(cr),” the agency said in a press release.
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