S&P Global Ratings on Thursday downgraded both the long-term issuer credit rating on Tata Motors and its long-term issue rating on the company’s senior unsecured notes to ‘B’ from ‘B+’. The rating agency expects operating conditions for Tata Motor’s India business will remain challenging in the coming quarters and that lower sales volumes will pressure profitability at the company’s UK-based subsidiary, Jaguar Land Rover Automotive Plc (JLR). Data from Bloomberg put the company’s total debt at Rs 95,465 crore at the end of December 2019.