Fitch affirms Essar Oil

Fitch Ratings said it affirmed Essar Oil Ltd.'s national long-term rating at BBB-(ind).

The outlook is stable.

The affirmation reflects the likely improvement in the company's credit metrics from fiscal year 2013 onward in line with expectations, given the end of the company's capital expenditure cycle, Fitch said.

The improvement in adjusted debt-to-EBITDAR would be driven by higher operating cash flows from higher capacity and gross refining margins, the agency said, as well as from positive free cash flows.

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