TEXT-Fitch rates IOC's NCD programme at 'Fitch AAA(ind)'
New Delhi   14-Dec-2011

Fitch Ratings has assigned IndianOil’s (IOC) proposed INR20bn non-convertible debenture (NCD) programme a rating of 'Fitch AAA(ind)'.

The proposed secured NCD is redeemable after its tenure of five years. The proceeds from the issue will be used for funding IOC's capex and modernization of its refineries.

IOC's ratings are equalised with its parent, the Government of India ('BBB-'/Stable), given the company's strong linkage with, and strategic importance to, the state.