S&P raises three Indian issuers

Standard & Poor's said it raised the corporate credit ratings on the following three Indian corporates to BBB- from BB+: Indian Oil Corp. Ltd., NTPC Ltd. and National Hydroelectric Power Corp. Ltd.

The outlook is stable.

At the same time, S&P said it has raised the issue rating for NTPC's senior unsecured debt to BBB- from BB+.

The move to investment-grade for the three corporates followed a similar action on the sovereign credit ratings on India (BBB-/stable/A-3) on Jan. 30.

"The rating upgrade on Indian Oil is driven largely by expectation of continued government support to the entity, given the prevailing policy on pricing of refined products and Indian Oil's prominent position and role in the energy sector in India," said S&P credit analyst Anshukant Taneja.

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