ONGC: ICRA withdraws ratings on ₹1,360 Crore NCDs, reaffirms ₹8,500 Crore NCDs
ICRA has withdrawn the [ICRA] AAA (Stable) rating for ONGC's ₹500 Crore and ₹860 Crore NCD programmes due to nil outstanding amounts. The rating agency reaffirmed the [ICRA] AAA (Stable) rating for ONGC's ₹8,500 Crore NCD programme. Ratings for other instruments totaling ₹34,860 Crore were also reaffirmed and withdrawn.
The withdrawal of ratings on NCD programmes with no outstanding amounts and reaffirmation of ratings on other debt facilities is unlikely to have a significant immediate impact on the company's operations or market standing, as the core creditworthiness remains affirmed at a high level.
The announcement details the withdrawal and reaffirmation of credit ratings by ICRA. While the reaffirmation of a significant portion of ratings is positive, the withdrawal of ratings on certain NCD programmes, even if due to no outstanding amounts, is a neutral event from a market perspective.
Oil & Natural Gas Corporation Limited (ONGC) has announced that ICRA Limited has withdrawn the long-term rating of [ICRA] AAA (Stable) assigned to ₹500 Crore of Non-Convertible Debentures (NCD) programme and ₹860 Crore of unplaced NCD programme, as no amount is outstanding against these instruments. The rating withdrawal is in accordance with ICRA Limited’s policy on withdrawal of Credit ratings.
Concurrently, ICRA Limited has affirmed the long-term rating of [ICRA] AAA (Stable) assigned to the balance NCD programme of ₹8,500 Crore. The rating agency has also reaffirmed and withdrawn ratings for other instruments including Commercial Paper, Bonds, and Cash Credit facilities totaling ₹34,860 Crore, as no amounts were outstanding.
The rating rationale highlights ONGC's dominant market position in India's crude oil and natural gas production, its competitive cost structure, and a stable performance of its subsidiaries. The agency expects ONGC's profitability to remain healthy despite market volatility, supported by its capex plans and strong financial flexibility. The outlook reflects ONGC's dominant position and expectation of a healthy financial risk profile.
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Oil & Natural Gas Corporation Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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