Global rating agency, Fitch Ratings has affirmed Indian Oil Corporation’s (IOC) long-term foreign-currency issuer default ratings (IDRs) at ‘BBB-’ whose outlook is stable. The key rating drivers were sovereign linkages, under-recoveries largely state funded, dominant market position, increasing working capital needs etc.
IOC is the largest oil refining company in India with 65.7mtpa capacity (out of a total of 215mtpa in India). It operates 10 of the 22 refineries in the country.