Fitch affirms HPCL-Mittal, notes

Fitch Ratings said it affirmed HPCL-Mittal Energy Ltd.’s long-term issuer default rating at BB and $375 million senior notes at BB-.

The outlook is stable.

Fitch said HPCL-Mittal’s standalone credit profile of BB- reflects its robust refining operations from its high-complexity refinery, strong profitability and high leverage, which the agency expects to continue increasing over the next few years due to large capex on its petrochemical expansion project.

The issuer default rating of BB benefits from a one-notch uplift for moderate linkages with its 48.99% shareholder, Hindustan Petroleum Corp. Ltd. (BBB-/stable), the agency explained.

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