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