Moody’s moves Bharat view to stable

Moody’s Investors Service said it revised Bharat Petroleum Corp. Ltd.’s outlook to stable from negative and affirmed the Baa3 ratings for the company and its subsidiary BPRL International Singapore Pte. Ltd.

The outlook change follows the Indian government's recent announcement to call off its planned stake sale in the company, the agency said.

"The government's decision to cancel the divestment eliminates the risk of a potential deterioration in BPCL's credit quality. If the divestment had occurred, we would have reassessed the sovereign support currently incorporated in BPCL's rating that results in a one-notch uplift," said Sweta Patodia, a Moody's assistance vice president and analyst, in a press release.

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