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Fitch rates Indian Oil debt AAA(ind)
Fitch Ratings said it assigned an AAA(ind) rating to Indian Oil Corp. Ltd.'s Rs.15 billion long-term debt program, and affirmed its long-term foreign-currency issuer default rating at BBB- and its national long-term issuer rating at AAA(ind).
The outlook remains negative.
Fitch said it revised the company's outlook to negative from stable on Aug. 22.
If its net under-recoveries continue at anticipated levels without the establishment of a well-defined mechanism for the timely issue and liquidation of oil bonds, the company's ratings, including that of its debt program, will be downgraded, the agency said.
Any significant reduction in the quantum of net under-recoveries, and if a mechanism for timely support is established, the outlook could be revised back to stable, Fitch added.
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