Moody’s affirms ONGC on acquisition

Moody's Investors Service said it affirmed Oil and Natural Gas Ltd.'s (ONGC) Baa1 local and foreign currency issuer ratings, and the Baa1 ratings on the senior unsecured bonds issued by ONGC Videsh Ltd. and ONGC Videsh Vankorneft Pte. Ltd., both guaranteed by ONGC.

The outlook is stable.

Moody’s said the affirmation follows ONGC's recent acquisition of 51.11% equity stake in Hindustan Petroleum Corp. Ltd. (HPCL, Baa2 stable) from the Government of India (Baa2 stable) for a consideration of Rs. 369.15 billion to be paid in cash by Jan. 31.

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