Credit rating agencies have said that Larsen & Toubro’s ratings will not be impacted by the sale of Reliance Industries’ 10 per cent stake to Grasim Industries. “L&T’s ratings are based on its stand-alone cash-flows which is why it was recently downgraded to AA+ (high safety with relatively higher standing within the category) for its long-term obligations,” said Crisil’s head of corporate ratings Ajay Dwivedi. Despite the RIL stake L&T operated distinctly from the Reliance group. Rating agencies therefore believe that unless its cash flows are affected, its ratings are unlikely to undergo a change. “There is no evidence of co-mingling of cash flows or group intervention at this point of time,” said Dwivedi. L&T’s fixed deposits enjoy highest safety rating from Crisil and the highest possible short-term rating of P1+. With respect to Grasim, however, ratings agencies are more guarded. Said an Icra spokesperson who has rated the company at MAAA (highest safety). Bureau Report