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Nikkei Markets

Tata Motors faces ratings downgrade by Moody's

Coronavirus could delay Jaguar Land Rover recovery

Before the onset of the coronavirus outbreak, Mumbai-based Tata Motors had barely recovered from a prolonged slowdown in China.   © Reuters

MUMBAI (NewsRise) -- Moody's Investors Service placed Tata Motors' rating under review for a downgrade, as the raging coronavirus pandemic threatens to further weaken the Indian automaker's already fragile credit profile.

The rapid spread of the pandemic, alongside deteriorating global economic outlook and falling oil prices, are creating a "severe and extensive credit shock across many sectors, regions and markets," the ratings agency said in a statement on Thursday.

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