LONDON -- S&P said on Wednesday it has downgraded its credit rating on Jaguar Land Rover even deeper into junk and put it on review for a possible further downgrade due to the growing risks of a no-deal Brexit and U.S. import tariffs.
S&P cut its rating on Jaguar's senior unsecured notes to 'B+' from 'BB-' following the UK-based company's weaker-than-expected third quarter results.
It said it could lower the rating further, most likely by one notch, if JLR fails to meet the base-case expectations for full-year results, the UK government crashes out of the EU without a deal or Washington slaps new import tariffs on cars.
Fitch ratings agency also put Jaguar under review in early February.
JLR is owned by India's Tata Motors. Tata earlier this month denied a report that it is exploring options for Jaguar Land Rover, that could include selling a stake in the automaker.
JLR posted a loss of about $4 billion in the last quarter.
