Fitch ups Indian Oil view to stable

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 its foreign-currency senior unsecured rating at BBB-, senior unsecured notes rating on $500 million at BBB- and long-term debt program of Rs. 15 billion, Rs. 25 billion and Rs. 20 billion ratings at AAA(ind).

The outlook has been revised to stable from negative.

The outlook revisions follow the government of India's decision to partially de-regulate administered fuel prices, Fitch said.

The ratings reflect the company's position as India's largest public sector oil refining and marketing company, its dominant position in the national oil industry and its ownership and strong linkage with the government, the agency said.

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