S&P places issuer ratings on Tata Group firms on CreditWatch positive

Standard and Poor's (S&P) on Friday placed long-term issuer ratings on Tata Steel ('BB'), Tata Motors ('B'), TML Holdings Pte. Ltd. ('B'), and Jaguar Land Rover Automotive PLC ('B') on CreditWatch with positive implications.

"Although the group companies still operate independently under professional directors and management, we observe a greater influence of Tata Sons on the strategy and financial policies of the group,” the rating agency said.

S&P could potentially reassess the relationship between these Tata Group entities and the holding company Tata Sons Pte. Ltd, the potential for extraordinary support from Tata Sons, and therefore the ratings on these