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Bond Market News
JLR Upgraded to Ba1 by Moody’s With a Positive Outlook
June 16, 2025
Jaguar Land Rover (JLR)’s corporate family rating has been upgraded to Ba1 from Ba2 by Moody’s. Additionally, the outlook has been revised to positive. The action reflects JLR’s strengthened financial profile and improved operational performance, supported by robust pricing, cost discipline and working capital improvements. The planned demerger of Tata Motors Limited’s commercial vehicle business from its main business is expected to enhance strategic clarity and focus for both segments. JLR’s revenue for FY2025 remained flat YoY, with revenue and wholesale volume at £29bn and 401,000 units respectively. The company has £4.6bn of cash and short-term investments, alongside access to a fully undrawn and committed £1.7bn revolving credit facility (RCF). Moody’s expects JLR’s adjusted debt/EBITDA to stay consistently below 2.0x.
However, the rating agency cited tariff concerns. A recently signed UK-US trade deal will cover around 75% of JLR’s US exports, but still imposes a 10% duty vs 2.5% earlier. More importantly, vehicles made in Slovakia remain subject to a 27.5% import tariff, and the absence of a broader US-EU trade agreement leaves room for caution.
JLR’s 5.875% dollar bonds due 2028 traded stable at 100.29, yielding 5.35%.
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