L&T Secures Moody's Baa1 Rating, Two Notches Above India Sovereign

Moody's has assigned Larsen and Toubro a 'Baa1' long-term issuer rating with a Stable outlook. This investment-grade rating sits two notches above India's sovereign 'Baa3' grade. Moody's cited L&T's diversified conglomerate structure, dominant market position, strong governance, and favourable infrastructure prospects as strengths. A matching Baa1 rating was also given to wholly owned subsidiary Hydrocarbon Saudi Company. The Stable outlook reflects expected fiscal discipline and healthy margins as high-margin EPC projects in West Asia scale up. L&T is a 32 billion US dollar Indian multinational.