LARSEN & TOUBRO : ASSIGNED BAAL LONG-TERM RATING WITH STABLE OUTLOOK

• Moody's has assigned a 'Baa1' long-term issuer rating with a 'Stable' outlook to L&T. • The rating signifies a quality investment-grade credit profile and a low level of credit risk. • The stable outlook reflects expectations of continued fiscal discipline and strong operating margins. • L&T's rating is two notches above India's sovereign rating of 'Baa3'. • Moody's also assigned a 'Baa1' rating to L&T Hydrocarbon Saudi Company, a subsidiary.

Larsen & Toubro Limited

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