Rating agency ICRA has upgraded outlook on Indian Oil Corporation’s (IOC) long term rating ‘AAA’ from ‘negative’ to ‘stable’ on steady decline in gross under recovery burden. The revision in outlook takes into account the steadily declining gross under recovery (GUR) burden on IOC owing to the partial deregulation of diesel.
Also, the rating agency has reaffirmed the ‘AAA’ rating assigned to the company’s bonds. Moreover, ICRA has also reaffirmed ‘A1+’ rating assigned to its commercial paper.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.