Fitch affirms Oil India

Fitch Ratings said it affirmed Oil India Ltd.'s long-term foreign-currency issuer default rating, senior unsecured rating and the rating on its outstanding senior unsecured debt at BBB-.

The agency also affirmed the rating on Oil India International Pte. Ltd.'s long-term foreign-currency issuer default rating and its dollar-denominated senior unsecured notes at BBB-.

The outlook is stable.

Fitch said Oil India’s rating is based on its standalone credit profile of BBB-, which is equal to the rating of its largest shareholder, India (BBB-/stable), based on the agency’s government-related entities rating criteria.

The company's standalone credit profile reflects its strong cost position, with low lifting and development costs, small scale, concentrated operation and moderate financial profile, which offsets its weaker business profile, the agency said.

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