Indian Oil Corporation receives upgrade in credit rating outlook

Indian Oil Corporation announced that Credit Rating Agency Fitch has revised the credit rating outlook of Government of India. The rating outlook of Indian Oil is closely linked with that of the Government of India. As a result, Fitch has upgraded the rating outlook for Indian Oil's debt instrument viz. Senior Unsecured Debt Foreign Currency from Negative to Stable, in line with the change in outlook of the Sovereign rating. However, the rating is reaffirmed at BBB-".

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