Moody's assigns Bharat notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the proposed senior unsecured notes to be issued by Bharat Petroleum Corp. Ltd.

At the same time, the agency affirmed Bharat's Baa3 issuer and senior unsecured ratings.

The outlook is stable.

The provisional status of the senior unsecured notes will be removed upon completion of the issuance and review of final terms and conditions.

Proceeds will be used for working capital and general corporate purposes.

"BPCL's Baa3 issuer rating combines its baseline credit assessment (BCA) of ba2 and a two-notch uplift under the joint-default analysis methodology for government-related issuers, given the strong support from the Indian government (Baa3 stable), which has a 54.9% stake in BPCL," Moody's vice president and senior analyst Vikas Halan said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.