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).

The outlook is stable.

The ratings reflect the company's position as India's largest oil refining and marketing company and the dominant position occupied by public sector companies in the national oil industry, the agency said.

Fitch said it equates the company's ratings to those of India (BBB-/stable; 78.92% shareholding in IOC), reflecting the company's strong linkage with, and strategic importance to, the state.

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