Moody's affirms Indian Oil notes

Moody's Investors Service said it affirmed the Baa3 senior unsecured foreign-currency debt rating for the $500 million 4¾% notes due 2015 issued by Indian Oil Corp. Ltd. The rating has been removed from its provisional status following completion of the bond issue.

The outlook is stable.

The proceeds will be used to fund capital expenditures for ongoing and future domestic projects, Moody's said.

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