Fitch affirms Petronet

Fitch Ratings said it affirmed the national long-term issuer rating of AA(ind) and the national short-term issuer rating of F1+(ind) assigned to Petronet LNG Ltd.

The outlook is stable.

Petronet's ratings derive strength from its assured-quantity supply contract with Qatar's Ras Gas and its back-to-back sales agreements with key customers Indian Oil Corp., Bharat Petroleum Corp. and GAIL India Ltd. for the existing operations, the agency said.

The ratings are constrained by its aggressive capital expenditure plan to fund the near doubling of its existing capacity, Fitch said.

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