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Tata Motors Limited -- Moody's downgrades Tata Motors to Ba3; outlook negative

Moody's Investors Service has downgraded Tata Motors Limited's (TML) corporate family rating (CFR) and the company's senior unsecured instruments rating to Ba3 from Ba2. RATINGS RATIONALE "The downgrade reflects the sustained deterioration in TML's credit profile, with weaker than anticipated credit metrics -- led by the weak performance of its 100% owned subsidiary Jaguar Land Rover -- and our expectation that it will take longer than we had previously expected for the company's free cash flows to return to positive territory," says Kaustubh Chaubal, a Moody's Vice President and Senior Credit Officer.