Credit rating agency — Moody’s Investors Service has assigned a ‘Baa1’ rating to the proposed senior unsecured notes to be issued by Oil and Natural Gas Corp (ONGC) under its $2 billion medium-term note program. The outlook on the rating is negative.
The rating reflects the company’s position as the largest integrated oil and gas company in India with significant reserves, production and crude distillation capacity as also its substantial operating cash flow generation capacity.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.