Moody's rates Indian Oil notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 senior unsecured foreign-currency debt rating to the proposed dollar-denominated notes to be issued by Indian Oil Corp. Ltd. The agency also said it affirmed the Baa3 issuer rating.

The outlook is stable.

The rating is underpinned by its leading position in the domestic oil refining and marketing sector, adequate financial profile, improved liquidity position and strong support from the Indian government, Moody's said.

These strengths are partially offset by its exposure to an uncertain regulatory environment, the agency said.

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