When Tata Motors bought Jaguar Land Rover (JLR) for $2.3bn in 2008, many motor experts thought the Indian conglomerate had taken a step too far. Since then, the sceptics have been proved very wrong. The company delivered £2.5bn ($3.69bn) of pre-tax profit in 2014, thousands of jobs have been created and its cars are in demand across the world.
The strong recovery has been mirrored by a steady improvement in JLR’s credit rating. In 2011, the company was rated B+ by Standard & Poor’s and B1 by Moody’s. Since then, JLR has been upgraded twice, so it is now rated a respective BB and Ba2 by the two agencies, both with a positive outlook.
