Fitch Ratings has affirmed India-headquartered Tata Motor (TML) long-term foreign-currency issuer default rating (IDR) at 'BB'. The outlook is stable.

The rating reflects TML's small size in relation to global auto majors and its profitable wholly owned subsidiary, Jaguar Land Rover (JLR, BB-/Positive), which accounted for 75% of TML's consolidated revenue and 90% of EBITDA in the financial year ended March 31, 2015 (FY15).

The affirmation is due to the sustained stable financial performance of JLR and TML's automobile business and TML's market leadership in the Indian commercial vehicle market. The IDR benefits from a one-notch uplift because TML is strategically important to the holding company Tata Sons (TSOL). TSOL and other Tata group companies hold an aggregate 33% stake in TML.

Shares of the company gained Rs 2.2, or 0.54%, to settle at Rs 409.50. The total volume of shares traded was 1,002,103 at the BSE (Tuesday).