Fitch affirms 'BBB+' rating on Larsen & Toubro with stable outlook

Fitch Ratings said it has affirmed 'BBB+' rating with stable outlook on Larsen & Toubro and stressed that the ratings indicate strong financial structure and sound financial flexibility of the company.

"Fitch Rating has assigned India's Larsen & Toubro Limited (L&T) first-time Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BBB+'. The Outlook is Stable," the rating agency said in a statement on Tuesday.

The ratings reflect the company's strong market position as a large global engineering and construction company with above-average profitability and solid revenue visibility.

"We believe L&T's robust record of steady margins, which is backed by adequate risk management and diversification into stable and high-margin IT and technical services businesses, buffers its ratings against the inherent risks in the E&C (engineering and construction) sector," it said.

The credit rating agency further said that the stable outlook reflects its view that .