Fitch revises outlook of IOC, NTPC among other state-owned firms to negative
Fitch Ratings on Tuesday said it has revised the outlook on ratings of six government-owned firms such as Indian Oil Corp (IOC), NTPC and GAIL to ‘negative’ from ‘stable’, following a change in outlook on sovereign India rating.
The PSUs whose rating outlook has been revised include IOC, Bharat Petroleum Corp Ltd (BPCL), Oil India Ltd (OIL), GAIL India Ltd, Power Grid Corp of India Ltd and NTPC Ltd.
“Fitch Ratings has revised the outlook on the long-term issuer default ratings (IDR) of six rated Indian government-related entities (GREs) to Negative from Stable. The entities’ long-term IDRs are affirmed at ‘BBB-‘. The rating action follows the revision of the Outlook on India’s ‘BBB-‘ sovereign rating to Negative from Stable on June 18,” it said in a statement.
