Fitch affirms Indian Oil

Fitch Ratings said it affirmed Indian Oil Corp.'s long-term foreign-currency issuer default rating at BBB-and its national long-term rating at AAA(ind), along with the AAA(ind) rating on its Rs. 15 billion, Rs. 25 billion and Rs. 20 billion long-term debt programs.

The outlook is negative.

The ratings reflect the company's position as India's largest public sector oil refining and marketing company, the dominant position occupied by public sector companies in the national oil industry, majority government of India ownership and its strong linkage with the state, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.