Fitch: Indian Oil notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Indian Oil Corp. Ltd.'s proposed notes.

The notes are rated at the same level as the company as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company, Fitch said.

The ratings reflect Indian Oil's position as India's largest oil refining and marketing company with 30.8% of the country's refining capacity and 46% of the petroleum product market, the agency said.

The ratings are equalized with those of India to reflect the company's strong linkage with and strategic importance to the state, Fitch said.

The government owns 78.92% of Indian Oil, the agency said.

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