Fitch rates Oil and Natural Gas BBB-

Fitch Ratings said it published Oil and Natural Gas Corp. Ltd.'s long-term foreign-currency issuer default rating of BBB-. The agency has also assigned a 'BBB-' rating to the company's US dollar senior unsecured notes. The outlook is negative.

Fitch also assigned BBB- ratings on the foreign-currency guaranteed notes issued by ONGC's subsidiary, ONGC Videsh Ltd. and its subsidiary, ONGC Videsh Vankorneft Pte Ltd., and the medium-term note program co-issued by the three entities.

“ONGC's ratings are constrained by the ratings of the state of India (BBB-/negative), its majority owner, according to Fitch's government-related entities rating criteria, and the negative outlook reflects that of the Indian sovereign,” the agency said in a press release.

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