Fitch upgrades Indian Oil's rating outlook from ‘Negative' to ‘Stable'; stock dips ~1%

15 Jun 2022 , 03:12 PM

Indian Oil Corporation Limited informed that Credit Rating agency Fitch has revised the credit rating outlook of the Government of India.

As Indian Oil’s rating outlook is closely related with that of Government of India, Fitch has also upgraded the rating outlook for Indian Oil’s debt instrument.

It has upgraded the outlook for the company’s Senior Unsecured Debt – Foreign Currency from existing ‘Negative’ to ‘Stable’ to match the change in the outlook of the Sovereign rating.

However, the rating agency has reaffirmed the rating of such instruments as ‘BBB-’.

Indian Oil Corporation is currently trading at Rs109.40 down by Rs0.9 or 0.82% from its previous closing of Rs110.30 on the BSE. The scrip opened at Rs110.95 and has touched intraday high and low of Rs110.95 and Rs108.30 respectively.