ASHOK LEYLAND LTD. - Credit Rating

Ashok Leyland Ltd has informed BSE that M/s. Credit Analysis & Research Limited (CARE) has revised and assigned the following ratings for the Company's borrowing programmes:<BR><BR>1. Assigned "CARE AA-" from CARE A+ for the Company's long-term bank facilities.<BR><BR>2. Reaffirmed "CARE A1+" for the short-term bank facilities and Commercial Paper program.