Fitch affirms Gail (India)

Fitch Ratings said it affirmed Gail (India) Ltd.'s long-term foreign-currency issuer default rating at BBB-. The outlook is stable.

The agency said the rating is capped at the same level as the Indian sovereign's BBB-, based on Fitch's government-related entities rating criteria.

The Indian government owns 52.19% of Gail.

Gail's standalone credit profile is assessed at bbb.

“Gail's dominant market position in the regulated utility gas-transmission business, complemented by its diversification into other business segments, and its healthy credit metrics support a bbb SCP,” the agency said in a news release.

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