S&P: Indian Oil unchanged

Standard & Poor's said that the net loss of Rs. 58.3 million reported by Indian Oil Corp. Ltd. (IOC, BB+/stable) for the quarter ended Dec. 31 does not by itself have any an impact on the rating or the outlook on IOC.

The net loss reported in the unaudited financial statements of IOC showed deterioration against a net profit of Rs. 12.9 billion for the same quarter in 2004, the agency said.

S&P added the rating on IOC reflects the company's highly integrated operations and the strong support from the government of India due to its role in implementing the government's energy and socio-economic policies.

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