S&P changes Indian companies to stable

Standard & Poor's said it revised the outlooks on five Indian companies to stable from negative and affirmed the ratings following similar action on the sovereign credit rating on India (BBB-/stable/A-3). The six companies and ratings are notes as follows:

• Reliance Industries Ltd.: Corporate credit and senior unsecured rating to BBB+/stable/--;

• Oil and Natural Gas Corp. Ltd.: Corporate credit and senior unsecured rating to BBB-/stable/--;

• Power Grid Corp. of India Ltd.: Corporate credit and senior unsecured rating to BBB-/stable/--;

• NHPC Ltd.: Corporate credit rating to BBB-/stable/--; and

• Tata Consultancy Services Ltd.: Corporate credit and foreign currency rating to A/stable/--.

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