S&P gives Oil and Natural Gas notes BBB-

S&P said it assigned its BBB- long-term issue rating to proposed senior unsecured notes of up to $750 million to be offered by Oil and Natural Gas Corp., which is rated BBB-.

Proceeds are expected to be used for capital spending, refinancing, working capital and general corporate purposes.

“In our opinion, the proposed notes will not have any major impact on ONGC’s credit metrics,” said S&P in a press release.

The outlook is stable.

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