Fitch lowers outlook of Indian state-owned enterprises

Fitch Ratings said it revised the outlooks on the long-term issuer default ratings of seven Indian state-owned enterprises to negative from stable and affirmed their BBB- long-term foreign- and local-currency issuer default ratings and, where applicable, their BBB- senior debt ratings.

The affected enterprises are Rural Electrification Corp. Ltd., Power Finance Corp. Ltd., GAIL India Ltd., Indian Oil Corp. Ltd., NTPC Ltd., NHPC Ltd. and Steel Authority of India Ltd.

The outlook revision follows Fitch's revision of the outlook on India's long-term foreign- and local-currency issuer default ratings to negative from stable. The agency said the issuer default ratings of the seven state-owned enterprises are either equated to the sovereign's or their stand-alone credit profiles are currently at, or constrained by, the sovereign's issuer default ratings as per Fitch's parent and subsidiary rating linkage methodology.

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