Fitch affirms HMEL's default rating, sees no support from GOI, ONGC

HMEL's standalone credit profile is at 'BB-', and reflects robust refining operations from its high-complexity refinery, strong profitability and high leverage

Fitch Ratings on Friday affirmed HPCL-Mittal Energy's (HMEL)'s long-term Issuer Default Rating (IDR) at 'BB', stating it expects neither HMEL's parent, Oil and Natural Gas Corporation (ONGC) nor the Indian government to ultimately support HMEL.

“HMEL's IDR is capped at HPCL's standalone credit profile of 'BB' as we do not believe that HMEL's parent, Oil and Natural Gas Corporation Limited, or the Indian government (BBB-/Stable), would ultimately provide support to HMEL,” Fitch said in its statement. The rating agency maintained a stable outlook on HMEL. The agency has also affirmed the rating on the company's $375 million senior notes at 'BB-'.

HMEL's