Ind-Ra assigns HPCL’s NCDs AAA with a stable outlook

India Ratings and Research (Ind-Ra) has assigned AAA rating to Hindustan Petroleum Corporation Ltd’s (HPCL’s) Rs 7,500 crore non-convertible debentures (NCDs) due to the company’s strategic importance in supporting fuel retailing and marketing operations.

The ratings continue to reflect HPCL’s strategic importance in the domestic energy sector, its large albeit indirect sovereign ownership and established brand name and position in the domestic oil refining and marketing business, it said.

The ratings factor in HPCL’s strong parentage through the majority ownership by Oil and Natural Gas Corporation Ltd and its strategic importance to the government, given the company’s role as the government’s extended arm for policy implementation, said Ind-Ra.

ET Energy World
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