Indian Oil Corporation announced that Moodys’ Investor service (Moody’s), the credit rating agency downgraded India’s sovereign rating to Baa3 from Baa2 (outlook remains negative). IndianOil’s rating is closely related to that of the Indian government.
As a result, Moodys downgraded the credit rating of IndianOil’s debt instrument, viz. Senior unsecured debt in foreign currencies one notch at Baa3 compared to Baaz2, in line with the deterioration of the sovereign rating.
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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)
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