Moody's may up Indian Oil

Moody's Investors Service said it placed the Ba1 senior implied rating and Ba2 issuer rating of Indian Oil Corp. under review for possible upgrade.

The rating agency said the review was prompted by the company's strengthened financial profile, which benefits in turn from improved refining margins and its dominant position in the refining and transmission pipeline network, as well as the scale of its operations in the domestic market.

Moody's said the review will focus on the ability of Indian Oil to sustain profitability, its ongoing growth and diversification strategy and its ongoing relationship with its principal owner, the Government of India.

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