Moody’s Investors Service has affirmed the Baa3 ratings of state-owned oil refining and marketing company Hindustan Petroleum Corporation (HPCL). The outlook on the rating of oil refining and marketing company is positive.
The ratings affirmation reflects the continued improvement in the credit metrics of the company, as diminished levels of fuel subsidies and moderated working capital requirement - resulting from low oil prices - have reduced borrowings.
HPCL is a Government of India Enterprise with a Navratna Status, and a Forbes 2000 and Global Fortune 500 company. It owns & operates 2 major refineries producing a wide variety of petroleum fuels & specialties, one in Mumbai of 6.5 MMTPA capacity and the other in Visakhapatnam, with a capacity of 8.3 MMTPA.
