Fitch: HPCL-Mittal view positive

Fitch Ratings said it revised HPCL-Mittal Energy Ltd.'s outlook to positive from stable and affirmed its national long-term rating at A+(ind) and affirmed its total sanctioned term loans of Rs. 77.93 billion at A+(ind).

The outlook revision reflects expectation that the project will be completed within time and cost estimates, according to the agency.

Ratings reflect strong sponsor quality and a sponsor support agreement by the JV partners, which covers infusion of equity, the agency said.

Ratings are constrained by the residual time and cost-overrun risks as well as by the operational risk of running a new refinery post-commissioning, while ramping up production as planned, the agency noted.

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