Fitch affirms Indian Oil Corporation at BBB-minus with negative outlook

Fitch Ratings has affirmed Indian Oil Corporation’s (IOC’s) long-term foreign-currency issuer default rating at BBB-minus with a negative outlook. The agency has also affirmed IOC’s senior unsecured rating and the ratings on its outstanding senior unsecured debt at BBB-minus.

Fitch said it equates IOC’s rating with that of its largest shareholder, the state of India (BBB-minus with a negative outlook), based on its government-related entities rating criteria.

“We have maintained IOC’s standalone credit profile (SCP) at bb-plus as we expect net leverage to improve to a level that is in line with the SCP from the financial year ending March 2022 after deteriorating to levels well above where we would consider revising the SCP downwards in FY20-21,” said Fitch.

ET Energy World
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