Fitch cuts Jaguar Land Rover

Fitch Ratings said it downgraded Jaguar Land Rover Automotive plc's long-term issuer default rating and senior unsecured rating to BB from BB+.

The outlook is negative.

The agency said the actions reflect revised projections for revenue, earnings and cash generation in the next two to three years, following the company’s half-year results ending September and recent adverse market developments in the company’s main end-markets, notably China.

Fitch said it now expects the company to make operating losses in the financial year ending March 2019 and only a moderate recovery in operating margin to below 1% in fiscal year 2020.

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