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FINWIRES

Fitch Affirms Larsen & Toubro's BBB+ Rating, Stable Outlook

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Fitch Ratings has affirmed India's Larsen & Toubro (NSE:LT, BOM:500510) long-term foreign- and local-currency issuer default ratings at BBB+, according to a statement issued on Friday.

The outlook has been maintained as stable.

The company's ratings were supported by its strong global market position in engineering and construction, with "above-average profitability and solid revenue visibility", Fitch said.

The ratings agency further said the stable outlook reflects its expectation that L&T will maintain a good net cash position despite higher growth investments, supported by continued EBITDA growth, and prudent financial management and shareholder returns.

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