ICRA assigns rating to banking facilities of Hindustan Oil Exploration Company

Credit rating agency, ICRA has assigned rating to the banking facilities of Hindustan Oil Exploration Company. The credit rating agency has assigned rating of ‘BBB+’ for the existing line of credit and the outlook on the long term rating is stable. The aforesaid rating is valid till October 31, 2014.

Hindustan Oil Exploration Company was the first private company in India to enter into field of oil and gas exploration. The company’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.