Fitch revises Indian companies’ view to negative

Fitch Ratings said it revised the outlook on the long-term issuer default ratings of six Indian government-related entities to negative from stable. The agency affirmed the long-term IDRs at BBB.

The rating action follows the revision of the outlook on India's BBB- sovereign rating to negative from stable on June 18, Fitch said.

The companies are Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd., Oil India Ltd., Gail (India) Ltd., Power Grid Corp. of India Ltd., NTPC Ltd.

Fitch also revised the outlook on Hindustan Petroleum Corp. Ltd. to negative from stable and affirmed the long-term IDR at BBB-.

No rating action has been taken on the other ratings of the issuers, Fitch said.

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