Fitch Ratings has assigned Oil India’s $1 billion senior unsecured notes a final rating of ‘BBB-’. The notes comprise two tranches $500 million 3.875% notes due April 2019 and $500 million 5.375% notes due April 2024.
The notes are rated at the same level as the company’s Issuer Default Rating (IDR) of ‘BBB-’ as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company. Oil India has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production.
