 "Moody's")
Rating agency Moody’s on Monday said six India-based companies have exited the list of potential fallen angels following the change in India's outlook to stable in early October and the easing of Coronavirus (Covid-19) pandemic restrictions. Potential fallen angels are firms most at risk of losing their investment-grade ratings.
The six Indian entities which exited the list are Oil and Natural Gas Corp (ONGC), Oil India Ltd (OIL), Indian Oil Corp Ltd (IOCL), Hindustan Petroleum Corp Ltd (HPCL), Petronet LNG and UltraTech Cement. Three are government-related issuers (GRIs) namely ONGC, OIL and IOCL. All of them carry a “Baa3 stable” rating.
The
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