USHA MARTIN LTD. - Credit Rating

Pursuant to Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform you that India Rating and Research Pvt. Ltd. (India Ratings) has downgraded the Company Long-term Issuer Rating from existing 'IND BBB-' to 'IND BB+' and placed it on Rating Watch Negative, the press release made by India Ratings is enclosed herewith, which is self-explanatory in nature.