Fitch lifts Seven India companies to stable

Fitch Ratings said it revised the outlooks on the long-term issuer default ratings of seven Indian state-owned enterprises to stable from negative and affirmed the ratings.

The agency affirmed GAIL India Ltd.'s long-term foreign-currency issuer default rating at BBB-.

Fitch also affirmed Indian Oil Corp. Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating at BBB-.

Bharat Petroleum Corp. Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating also were affirmed at BBB-.

The agency also affirmed Power Grid Corp. of India Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating at BBB-.

NTPC Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating also were affirmed at BBB-.

NHPC Ltd.'s long-term foreign- and local-currency issuer default ratings were affirmed at BBB-.

Fitch also affirmed Steel Authority of India Ltd.'s long-term foreign-currency issuer default rating at BBB-.

The outlook change follows the revision of the outlook on India's long-term foreign- and local-currency issuer default ratings to stable from negative.

This is because the ratings of these seven enterprises are either aligned with the sovereign's ratings or their stand-alone credit profiles are currently at, or constrained by, the sovereign's ratings, Fitch said.

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