Moody’s affirms Oil and Natural Gas

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

The outlook is stable.

“The ratings affirmation reflects our expectation that ONGC's credit metrics, which have improved over the last 12 months because of the high net realized oil price, will remain appropriate for its ratings,” Vikas Halan, Moody's senior vice president, the agency said in a news release.

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