 "IOC, oil company, Indian Oil Corporation")
Fitch Ratings has affirmed Indian Oil Corporation's (IOC's) long-term foreign-currency issuer default rating at BBB-minus with a negative outlook.
The agency has also affirmed IOC's senior unsecured rating and the ratings on its outstanding senior unsecured debt at BBB-minus.
Fitch said it equates IOC's rating with that of its largest shareholder, the state of India (BBB-minus with a negative outlook), based on its government-related entities rating criteria.
"We have maintained IOC's standalone credit profile (SCP) at bb-plus as we expect net leverage to improve to a level that is in line with the SCP from the financial year ending March 2022 after deteriorating
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