Moody’s changes Gail India to negative

Moody's Investors Service said it affirmed the Baa2 long-term rating of Gail (India) Ltd. and changed the outlook to negative from stable.

"The change in outlook to negative reflects the rising share of Gail's cyclical business segments, especially petrochemicals, which has higher business risk than the core gas transmission business," Moody's vice president and senior analyst Abhishek Tyagi said in a news release.

"The rating action also considers the weakness in petrochemicals and liquid hydrocarbon segment and the resulting negative impact on the credit profile of Gail."

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