UltraTech Cement's issuer rating, bank loans, and NCDs have been affirmed at 'IND AAA/Stable' by India Ratings and Research. Bank loan facilities also received 'IND A1+'. This affirmation reflects UltraTech's strong leadership in the cement industry, robust operational performance, diversified presence, and healthy financial profile despite planned capex. Its commercial paper rating was withdrawn post-redemption.