Moody's: Tata Motors unchanged

Moody's Investors Service said that Tata Motors Ltd.'s consolidated results for its first quarter running from April to June were broadly within expectations and have no rating implications.

The company is rated B3 with a stable outlook.

"The rating already anticipated the company's weakened consolidated performance, driven by profitability pressures primarily at Jaguar Land Rover," said Ivan Palacios, a Moody's AVP/analyst.

Tata Motors reported consolidated EBITDA of Rs. 5.96 billion for April-June 2009, down 65% from Rs. 16.97 billion in April-June 2008, the agency added.

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