Fitch says BPCL privatisation is ‘event risk’ due to little info

NEW DELHI: Fitch Ratings on Wednesday said the potential privatisation of BPCL is an “event risk” as there is little information about bidders and potential transaction structure. The rating agency affirmed Bharat Petroleum Corporation Ltd’s (BPCL) long-term foreign-currency issuer default rating (IDR) at ‘BBB-‘. The outlook is ‘Negative’.

“Fitch equalises BPCL’s rating with that of its largest shareholder, the India sovereign (BBB-/Negative)…due to the strong likelihood of government support,” it said.