Fitch affirms Indian Oil

Fitch Ratings said it affirmed Indian Oil Corp. Ltd.'s long-term foreign-currency issuer default rating at BBB-. The outlook is stable.

The agency also affirmed the senior unsecured rating and the ratings on its outstanding senior unsecured debt at BBB-.

Fitch said it equates Indian Oil’s rating with that of its largest shareholder, the state of India (BBB-/stable), based on its rating criteria.

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