Moody’s acts on Indian non-financials

Moody’s Investors Service said it downgraded the following Indian non-financial companies’ issuer ratings by a notch: Oil and Natural Gas Corp. Ltd., Hindustan Petroleum Corp. Ltd., Oil India Ltd., Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd., Petronet LNG Ltd., Tata Consultancy Services Ltd. to Baa1 from A3 and Infosys Ltd. to Baa1 from A3.

The outlooks on all these ratings is negative.

In addition, Moody’s affirmed the long-term issuer ratings of the following three non-financial companies: Reliance Industries Ltd., UPL Corp. Ltd., Genpact Ltd. UPL’s and Genpact’s outlooks remain stable.

Moody’s changed the outlook for Reliance to negative from stable.

The downgrades and outlook revisions follow the downgrade of India’s sovereign rating to Baa3 negative from Baa2 on Monday.

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