Oil & Natural Gas Corporation Ltd.

Credit rating agency -- Moody's Investors Service has downgraded Oil & Natural Gas Corporation's (ONGC) local and foreign currency issuer ratings to Baa2 from Baa1.

Moody has also downgraded the company’s baseline credit assessment (BCA) to baa2 from baa1, the senior unsecured bonds issued by the company to Baa2 from Baa1, the senior unsecured bonds guaranteed by the company and issued by ONGC Videsh and ONGC Videsh Vankorneft Pte to Baa2 from Baa1 and the foreign and local senior unsecured ratings on ONGC Videsh and ONGC's MTN program to (P) Baa2 from (P) Baa1. The outlook on all ratings remains negative.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.