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

The outlook is stable.

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

The agency said it expects the state to continue to provide support to the company, given its role in implementing the government's energy policy.

© 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.