Indian Oil Corporation (IOC) has received an expected rating of ‘BBB-(EXP)’ for its proposed notes from Fitch Ratings. The final rating is contingent upon the receipt of final documents conforming to information already received.
The ratings reflect the company’s position as India’s largest oil refining and marketing company with 30.8% of the country’s refining capacity and 46% of the petroleum product market.
Indian Oil Corporation is an integrated oil refining and marketing company. The company, along with its subsidiary, controls ten refineries across India, which have a total installed capacity of 65.7 million tonnes per annum (mtpa); these represent around 35 per cent of the country’s total installed capacity.
