London: Standard & Poor’s Ratings Services said on Thursday that Tata Motors Ltd’s (BB/Stable/—) acquisition of Daewoo Commercial Vehicle Co (DWCV) for $102 million does not in itself have an impact on Tata Motor’s credit rating or outlook. 

This acquisition will be equally financed by equity injection from Tata Motors, which currently has adequate cash resources, and by new debt issuance by DWCV. 

The increase in Tata Motors’ debt following this transaction will have minimal impact on its Financial profile as it comprised only about 13 per cent of Tata’s debt at fiscal year-end 2003.