Moody’s downgrades ratings of ONGC, HPCL, Indian Oil, Bharat Petroleum

Moody’s Investor Service has downgraded the long-term issuer ratings of oil marketing companies (OMCs) including Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL), Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The outlooks on these ratings are negative, the agency said on Tuesday.

On Monday, Moody’s downgraded India’s sovereign rating for the first time in 22 years by a notch to ‘Baa3’, which is the lowest investment grade, just a notch above junk status. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody’s.

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