Moody’s revises Indian GRIs to positive

Moody's Investors Service said it took number of rating actions on Indian non-financial government-related issuers following its earlier announcement that it had changed the outlook on India's Baa3 sovereign rating to positive from stable.

As a result of the sovereign rating action, the agency changed the outlook on the ratings of the following companies:

• Indian Oil Corp. Ltd. (IOC): Affirmed Baa3 foreign currency issuer and debt ratings and revised outlook to positive from stable. The ba2 baseline credit assessment remains unchanged;

• Bharat Petroleum Corp. Ltd. (BPCL): Affirmed Baa3 foreign currency issuer and debt ratings and revised outlook to positive from stable. Also affirmed the provisional Baa3 ratings on the medium-term note program. The ba2 baseline credit assessment remains unchanged; and

• NTPC Ltd.: Affirmed Baa3 issuer rating and revised outlook to positive from stable. The baa3 baseline credit assessment remains unchanged.

The ratings and outlooks of the following non-financial government-related issuers remain unchanged:

• Oil and Natural Gas Corp.: Local currency issuer rating: Baa1 stable; foreign currency issuer rating: Baa2 stable; BCA: baa1;

• Oil India Ltd.: Local and foreign currency issuer and foreign currency debt ratings: Baa2 stable; BCA: baa2; and

• GAIL (India) Ltd.: Local and foreign currency issuer rating: Baa2 stable; BCA: baa2.

Moody's also assigned a definitive Ba1 senior secured rating to Delhi International Airport Pty Ltd.'s $288 million senior secured bond and a definitive Ba1 corporate family rating. The outlook is stable.

"The change in outlook to IOC's and BPCL's ratings reflect the strategic importance of 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 issuer ratings of IOC and BPCL will be upgraded if the sovereign rating is upgraded," Moody's vice president and senior credit officer Vikas Halan.

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