Hawthorne, New York, Monday, November 22, 2004 – Taro Pharmaceutical Industries Ltd. ("Taro," "the Company," Nasdaq: TARO) today reported that it has received an "A+" rating from Maalot, the Israeli affiliate of Standard & Poor’s, based on the rating standard employed in Israel, for the issuance of debt securities in Israel.
The "A+" rating is the same rating that Taro had received from Maalot through March 2003, when the Company received a Maalot upgrade to an "AA" rating. The new "A+" rating does not affect the terms of bonds previously issued by Taro.

Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.

For further information on Taro, please visit the Company’s website at www.taro.com.

FOR MORE INFORMATION
AT THE COMPANY, (914) 345-9000:

Daniel H. Saks, VP, Corporate Affairs, ext. 6208

Kevin Connelly, SVP, CFO, ext. 6338

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