S&P trims Jaguar Land Rover

S&P said it downgraded Jaguar Land Rover Automotive plc and its debt to B from B+.

“Prior the Covid-19 pandemic, we were already forecasting a decline in JLR's overall sales volumes for FY2020 due to tough end-market conditions and continued pricing pressure in some of its core markets. We note that the pandemic affected many of JLR's core markets quite late in FY2020, so the fallout will mostly carry across into the company's FY2021 results,” said S&P in a press release.

The outlook is negative.

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