Moody's: 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 outlook is stable.

The proceeds will be used to fund ongoing domestic projects.

The rating is underpinned by the company's leading position in the domestic oil refining and marketing sector, adequate financial and liquidity profile, Moody's said.

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

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