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Moody's outlook for Tata Motors

LONDON, MARCH 24. The international rating agency, Moody's today retained the `Ba2' rating on Tata Motors's debt paper but changed its oulook to `positive' from negative. The change in the outlook was prompted by strong improvements in Tata's operational performance since 2001, evidence of strengthening free cash flow, a significant debt reduction resulting from stronger cash flows and a 50 per cent conversion to equity of the company's $100 million convertible bond. It was also prompted by the expectation that the company will consolidate its strong market positions, bolstered by acquisition of Daewoo Commercial Vehicle Company Ltd.

PTI

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