Moody's has given a Baa1 rating to the foreign currency debt programme of Oil & Natural Gas Corporation (ONGC).According to a release issued by ONGC to the BSE today, the company has been granted a A2 local currency issuer rating by Moody's."The ratings have been released by Moody's on February 1, 2006 in response to the Company's proposal of October 2005. The remarkable feature is that the ratings not only pierce the sovereign credit rating of India - these are the highest-ever credit ratings assigned by Moody's to any Indian corporate. While the indicative foreign currency debt rating is two notches higher than the sovereign foreign currency rating for India, the local currency Issuer rating is six notches above the sovereign local currency rating," the release added.
