Moody's rates Indian Oil notes Baa3

Moody's Investors Service said it assigned a definitive Baa3 senior foreign-currency debt rating to the $500 million of 5.625% notes due 2021 issued by Indian Oil Corp. Ltd.

The outlook is stable.

The rating on this debt obligation confirms the provisional rating assigned on July 15, the agency said.

The bond proceeds will be used to fund ongoing and future domestic projects.

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