UltraTech Cement Limited — Credit Ratings, 18-11-2025: Credit Rating

Fitch Ratings has affirmed UltraTech Cement's Long-Term IDRs at 'BBB-' with a Stable Outlook. It also affirmed the 'BBB-' rating for its USD400 million 2.80% senior unsecured notes due 2031. This affirmation reflects UltraTech's strong market position, expected modest leverage profile, and robust volume growth potential, key factors supporting the decision.