Moody’s Ratings on Monday changed Tata Motors’ outlook to negative from positive following a cyber attack on its British arm Jaguar Land Rover, which has led to a complete production halt.The rating agency affirmed the Mumbai-based auto major’s Ba1 corporate family rating (CFR). “The outlook change to negative from positive reflects our view that a full recovery in credit metrics will likely take several months,” said Sweta Patodia of Moody’s. The cyber incident at JLR highlights the customer relations risk captured under social risk considerations within the ESG framework, and is the key driver of the rating action, she added.Following the demerger of the company’s commercial vehicle business, which takes effect on Oct 1, 2025, JLR will contribute more than 90% to its consolidated ebitda (earnings before interest, taxes, depreciation, and amortisation), underscoring the convergence of their credit profiles, Moody’s Ratings stated. After the cyber incident, JLR’s operations have been disrupted for the last four weeks.JLR plans phased restart of mfg opsJaguar Land Rover will recommence some manufacturing operations in the forthcoming days, initiating agradual recovery in the aftermath of a cyberattack that occurred earlier this month. The announcement follows Britain’s commitment to support JLR with a $2-billion loan guarantee aimed at bolstering its supply chain in light of the production halt resulting from the attack.The company operates three factories in Britain, collectively producing about 1,000 vehicles daily.
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