Moody’s ups five Indian non-financials

Moody's Investors Service said it took a number of actions on Indian non-financial corporates, following its Nov. 16 announcement that it upgraded India's sovereign rating to Baa2 from Baa3.

As a result of the sovereign action, the agency upgraded the foreign currency issuer ratings of Bharat Petroleum Corp. Ltd. (BPCL), Hindustan Petroleum Corp. Ltd. (HPCL), Indian Oil Corp. Ltd. (IOCL) and Petronet LNG Ltd. (PLL) to Baa2 from Baa3.

The outlooks were revised to stable from positive.

At the same time, the agency upgraded the foreign currency issuer rating of Oil and Natural Gas Corp. Ltd. (ONGC) to Baa1 from Baa2.

The outlook is stable.

"The rating upgrades for IOCL, BPCL and HPCL follow the upgrade of the sovereign rating and reflect the strategic importance of the oil marketing companies as they own and operate the majority of the country's fuel refining entities and most of the fuel distribution infrastructure. The baseline credit assessments (BCA) of the three companies remain unchanged at ba1," Moody's vice president and senior credit officer Vikas Halan said in a news release.

"The upgrade of the foreign currency ratings of ONGC follow the raising of the ceiling for foreign currency bonds. ONGC's baa1 BCA and Baa1 local currency issuer rating remain unchanged."

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