Mumbai, Nov. 18 -- UltraTech Cement announced that Fitch Ratings has affirmed India-based UltraTech Cement's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Stable. Fitch has also affirmed UltraTech's USD400 million 2.80% senior unsecured notes

due 2031 at 'BBB-'.

The ratings incorporate Fitch Ratings' expectation of a modest leverage profile, with EBITDA net leverage sustained around 1.5x; a leading market position in India; a large market with robust long term demand-growth potential; and cost-efficient operations.

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