Mumbai: Fitch Ratings, New York has assigned an investment grade BBB- Foreign Currency Issuer Default Rating to Tata Chemicals Limited (TCL). The rating outlook is stable. This is the first time that Fitch Ratings has assigned a rating to TCL.

TCL's rating is based on its strong business profile. The Outlook is Stable, reflecting Fitch Ratings' assessment of TCL's through-the-cycle financial profile and it also factors in the proposed capital expenditure on expanding facilities. Recently, TCL was also awarded BAA3 Foreign Currency Issuer rating by Moody's Investors Service.

Said Mr. P. K. Ghose, Chief Financial Officer, Tata Chemicals Limited, "This rating reflects our leading position in some of our key markets and our prudent financial management."

About Tata Chemicals Ltd.
Established in 1939 Tata Chemicals Limited is India's leading manufacturer of inorganic chemicals, fertilizers and food additives. Part of US$ 22billion Tata Group, the company owns and operates the largest and the most integrated inorganic chemicals complex in the country at Mithapur, Gujarat. The company's state of art fertilizer complex at Babrala, Uttar Pradesh, is known for its world class energy efficiency standards, and has won several awards in the field of environmental conservation, community development and safety. TCL' s phosphatic fertilizer complex at Haldia in West Bengal is currently the only manufacturing unit for DAP /NPK complexes in West Bengal.

The company has an annual turnover of over Rs.4000 crores and employs over 3000 personnel. The acquisition of an equal partnership in Indo Maroc Phosphore S.A. (IMACID) along with Chambal fertilizers and global phosphate major, OCP of Morocco recently, was the first step that TCL took towards internationalization In 2006 TCL acquired Brunner Mond group in UK making it the world's third largest producer of Soda ash with manufacturing locations in three continents.