Global rating agency, Fitch Ratings has affirmed Oil India’s (OIL) Long-Term Foreign- Currency Issuer Default Rating (IDR) at ‘BBB-‘. The outlook is stable. The rating agency has also affirmed OIL’s senior unsecured rating and the rating on its $1 billion of notes at ‘BBB-‘.
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.
