Following the upgrade of India’s sovereign rating to “Baa2”, Moody’s has also upgraded the issuer rating for five government-owned companies in the oil and gas sector to Baa2 from Baa3.
These entities are Oil and Natural Gas Corporation Ltd (ONGC), India Oil Corporation (IOC), Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), and Petronet LNG Ltd (PLL).
The outlook on these ratings have been revised to stable from positive, Moody’s said a statement on Friday.
At the same time, the foreign currency issuer rating of ONGC has been upgraded to Baa1 from Baa2. The outlook is stable.
