Moody’s upgraded Tata Motors’s corporate family rating to Ba2/Stable from Ba3/Stable. Photo: Bloomberg
Mumbai: Shares of Tata group companies were trading higher after rating agency Moody’s Investors Service Singapore Pte. Ltd upgraded the ratings of several group entities.
Moody’s said the move reflects “expectation of parental and systemic support in the case of need, which has been exhibited both in the form of extraordinary financial support from Tata Sons Ltd (unrated), the ultimate parent, and ongoing support through their close association with the Tata brand.”
Moody’s upgraded Tata Motors Ltd ’s corporate family rating to Ba2/Stable from Ba3/Stable. The corporate family rating of Tata Chemicals Ltd was upgraded to Ba1/Stable from Ba2/Stable, while Tata Steel Ltd was upgraded to Ba2 from Ba3 and remains on review for upgrade.
Tata Power Co. Ltd was up 2.3% to Rs.90 a share after it was upgraded to Ba3/Stable from B1/Negative, and senior unsecured rating upgraded to Ba3/Stable from B2/Negative, thus no longer notching for subordination, Moody’s said. The agency said local currency issuer rating for Tata Consultancy Services Ltd (TCS) was affirmed at A3/Stable.
Tata Motors was trading up 0.6% to Rs.528.95, Tata Chemicals gained 2.5% to Rs.409, Tata Steel rose 1.1% to Rs.510.40 and TCS added 3.1% to Rs.2,717.
Other Tata group companies were also trading higher: Tata Elxsi Ltd rose 12.6%, Tata Sponge Iron Ltd 12%, Tata Metaliks Ltd 10%, Tata Investment Corp. Ltd 8.3%, Tata Teleservices Maharashtra Ltd 7.8%, Tayo Rolls Ltd 7.6%, Tinplate Company of India Ltd 7.2%, Indian Hotels Co. Ltd 6.4%, CMC Ltd 5.7%, Tata Coffee Ltd 4.4%, Oriental Hotels Ltd 4.4%, Trent Ltd 4%, TRF Ltd 3.8%, Nelco Ltd 3.8%, Rallis India Ltd 3.1%, and Tata Global Beverages Ltd 1.8%.
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