ONGC: India Ratings withdraws NCD ratings for ₹1,360 crore, affirms IND AAA/Stable for ₹1,000 crore
India Ratings withdrew IND AAA/Stable ratings for ONGC's ₹500 crore redeemed and ₹860 crore unutilized NCDs, while affirming IND AAA/Stable for ₹1,000 crore NCDs.
The impact is low because the withdrawals are for already redeemed or unutilized debt, and the core credit rating for a significant portion of the NCDs remains affirmed at a high and stable level (IND AAA/Stable). This suggests no material change to ONGC's financial health or ability to raise debt.
The announcement is neutral as the withdrawal of ratings is due to the redemption or non-utilization of debentures, which is a procedural action. The affirmation of the remaining NCD program at IND AAA/Stable indicates no change in the company's creditworthiness.
Oil and Natural Gas Corporation Limited (ONGC) announced that India Ratings and Research Private Limited has: * Withdrawn the long-term rating of IND AAA/Stable assigned to its ₹500 crore Non-Convertible Debentures (NCD) programme, as the tranche has been redeemed and no amount is outstanding. * Withdrawn the long-term rating of IND AAA/Stable assigned to its unutilized NCD programme of ₹860 crore, at the company's request. * Affirmed the long-term rating of IND AAA/Stable assigned to the balance NCD programme of ₹1,000 crore.
These withdrawals are in accordance with India Ratings and Research Private Limited’s policy on withdrawal of Credit rating, as there is no amount outstanding against the rated instruments.
Other existing credit ratings for ONGC include: * International Bonds (Senior unsecured notes) by Moody’s Investors Service: Baa3 (Foreign and Local Currency) with Stable Outlook. * International Bonds (Senior unsecured notes) by S&P Global Ratings: Long Term Issue Rating: BBB with Stable Outlook. * International Bonds (Senior unsecured notes) by Fitch Ratings: Long Term Foreign Currency Issuer Default Rating: BBB- with Stable Outlook. * Commercial Paper up to ₹10,000 crore by CARE Ratings Limited: CARE A1+. * Commercial Paper up to ₹10,000 crore by India Ratings and Research Private Limited: IND A1+. * Non-Convertible Debentures for ₹9,860 crore by ICRA Limited: [ICRA] AAA with Stable Outlook. * Non-Convertible Debentures for ₹7,500 crore by CARE Ratings Limited: CARE AAA with Stable Outlook.
What to do with a filing like this
Oil & Natural Gas Corporation Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. 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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See the model portfoliosA plain-language summary of a public exchange filing by Oil & Natural Gas Corporation Limited. Read the original for the full detail.