Sunday 15 December 2019
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business-standard - 25 days ago

Moody s assigns Baa1 to ONGC s proposed senior unsecured notes

Moody s Investors Service on Wednesday assigned a Baa1 rating with a negative outlook to the proposed senior unsecured notes to be issued by Oil and Natural Gas Corporation Ltd (ONGC) under its two billion dollars medium-term note programme. The notes rating is in line with ONGC s Baa1 issuer rating which is in turn primarily driven by its standalone credit profile as captured by the company s Baa1 BCA, said Moody s Senior Vice President Vikas Halan.ONGC s Baa1 baseline credit assessment (BCA) reflects its position as the largest integrated oil and gas company in India with significant reserves, production and crude distillation capacity.It also reflects its substantial operating cash flow generation capacity and solid credit metrics that have improved but remain constrained by volatile -- although range-bound -- oil prices and high shareholder returns.At the same time, the BCA incorporates Moody s expectation that the company will not be asked to share fuel subsidies as long as oil


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