Fitch Ratings puts Tata Motors on negative watch over JLR's Brexit woes

Fitch Ratings said on Wednesday it has placed the credit rating of Tata Motors Ltd on negative watch, stating increasing risks for its British luxury car unit - Jaguar Land Rover (JLR) - over a potentially chaotic Brexit.

This comes after the ratings agency placed the credit ratings of JLR, Britain's biggest carmaker, under review for possible downgrades.

"Trade barriers and logistic issues from a disorderly Brexit could have an impact on JLR's competitive positioning and a lead to significantly lower sales and profitability," the credit rating agency said, placing the parent's long-term issuer default rating on "rating watch negative".