ONGC's Credit Rating Affirmed at BBB- by Fitch; Standalone Profile Raised to BBB+
Fitch Ratings affirmed ONGC's credit rating at 'BBB-' with a Stable outlook and raised its Standalone Credit Profile (SCP) to 'bbb+'. Moody's assigned Baa3 (FC/LC) and S&P assigned BBB (LT Issue Rating). Commercial Paper rated A1+ by CARE and India Ratings. NCDs rated AAA by ICRA, India Ratings, and CARE.
A revised credit rating can influence borrowing costs and investor confidence, but the 'BBB-' rating is already within a generally stable investment-grade category. The upgrade in SCP is positive but the overall impact is moderate.
The affirmation of the credit rating at 'BBB-' with a stable outlook and the upgrade of the Standalone Credit Profile to 'bbb+' are positive developments for the company, indicating improved financial health and stability.
Oil and Natural Gas Corporation Limited (ONGC) announced a revision in its credit rating. Fitch Ratings has affirmed ONGC's rating at ‘BBB-‘ with a Stable outlook. Concurrently, the company's Standalone Credit Profile (SCP) has been raised to ‘bbb+’.
These ratings reflect the company's financial standing and market position. Moody's Investors Service has assigned a Foreign Currency Rating of Baa3 and a Local Currency Rating of Baa3, both with a Stable outlook, to the company's International Bonds (Senior unsecured notes). S&P Global Ratings has assigned a Long Term Issue Rating of BBB with a Stable outlook to these bonds as well.
Furthermore, ONGC's Commercial Paper program up to ₹10,000 Crore has received a CARE A1+ rating from CARE Ratings Limited and an IND A1+ rating from India Ratings and Research Private Limited. The company's Non-Convertible Debentures for ₹8,500 Crore have been rated [ICRA] AAA with a Stable outlook by ICRA Limited, and its Non-Convertible Debentures for ₹1,000 Crore have been rated IND AAA with a Stable outlook by India Ratings and Research Private Limited. Additionally, CARE Ratings Limited has assigned a CARE AAA rating with a Stable outlook to Non-Convertible Debentures for ₹7,500 Crore.
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 medium impact: worth reading, rarely worth acting on by itself.
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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.