Fitch rates Indian Oil debt AAA(ind)

Fitch Ratings said it assigned an AAA(ind) rating to Indian Oil Corp. Ltd.'s Rs.25 billion long-term debt program and affirmed its long-term foreign-currency issuer default rating at BBB-, national long-term issuer rating at AAA(ind) and Rs.15 billion short-term debt program at AAA(ind).

The outlook remains negative.

If the company's net under-recoveries continue at anticipated levels, the ratings will be downgraded, Fitch said.

Any significant reduction in the quantum of net under-recoveries and the institution of a mechanism for providing timely support could result in the outlooks being revised back to stable, the agency said.

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