Fitch rates Indian Oil notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Indian Oil Corp. Ltd.'s proposed senior unsecured notes, along with a foreign-currency senior unsecured rating of BBB-. The agency also said it affirmed the company's long-term foreign-currency issuer default rating at BBB-, national long-term rating at AAA(ind) and its AAA(ind) rating on its Rs. 15 billion, Rs. 25 billion and Rs. 20 billion long-term debt programs.

The outlook is negative.

The final rating is contingent upon receipt of final documents conforming to information already received, Fitch said.

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