Fitch: Indian Oil notes BBB-

Fitch Ratings said it assigned a final rating of BBB- to Indian Oil Corp. Ltd.'s senior unsecured $500 million notes a final rating of 'BBB-'.

The assignment of the final rating follows a review of final documentation materially conforming to the draft documentation previously reviewed, Fitch said. The final rating is the same as the expected rating assigned in July.

The ratings are equalized with the ratings of its majority owner, the Government of India, given the company's strong linkages with and strategic importance to the state, the agency said.

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