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India Inc grapples with rising rating downgrades, revisions in outlook

With the impact of Covid-19-driven lock-down becoming severe, Indian corporates are witnessing a rise in rating downgrades and revisions in outlook, mostly to negative. One such major downgrade was announced for Tata Motors Ltd, with rating agency Fitch downgrading Tata Motors Ltd’s Long-Term Issuer Default Rating (IDR) from “BB-” to ‘B’ on significantly lower expectations for profitability and cash flow over the next few years due to the coronavirus pandemic. The Outlook is Negative. The Covid-19 pandemic will impact demand and lead to disruption at TML’s Indian operations as well as to key auto markets globally […]

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