Fitch upgrades Tata Motors to BB+

Fitch Ratings has upgraded Tata Motors’ (TML) long-term issuer default rating (IDR) to BB+ from BB with a Stable outlook.

 The upgrade reflects the sustained improvement in TML’s Indian automotive business over the last two years, supported by growing commercial vehicle volumes, successful new product launches in the passenger vehicle segment, as well as the management’s renewed focus on meeting medium-term capital needs, Fitch Ratings said, adding, “We expect TML will continue to grow its India business and capture more market share over the medium-term.”