Fitch affirms GAIL

Fitch Ratings said it affirmed GAIL (India) Ltd.'s long-term foreign-currency issuer default rating at BBB-.

The outlook is stable.

Fitch said it equates GAIL's rating with that of the Government of India (BBB-/stable) to reflect the overall legal, operational and strategic ties between the two entities and the country's 57.3% ownership in GAIL. Although GAIL has a strong business and financial profile despite the fuel subsidy burden it shares with the government, its rating is effectively constrained by that of the latter, according to the agency.

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