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Fitch affirms IOC’s long-term foreign-currency issuer default ratings at ‘BBB-’

05 Dec 2013 Evaluate

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.

Peers
Company Name CMP
Reliance Industries 1166.00
Indian Oil Corpn. 132.00
Bharat PetroleumCorp 301.00
HPCL 346.00
MRPL 164.70
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