The recent drive by the government-owned oil companies to maintain high dividend payments and conduct share buybacks are expected to weaken the credit metrics of oil refiners more than state-owned oil producers, Moody’s said.
Indian economy is expected to grow at 7.3 per cent in calendar year 2019 and 2020, and the government spending announced ahead of elections this year which will support near-term growth, Moody’s said on Friday.
Credit rating agency Moody’s Investors Service today said there are risks of India breaching the 3.3 per cent fiscal deficit target for the current financial year as higher oil prices will add to short-term fiscal pressures.
Moody’s Investors Service has affirmed the Baa2 ratings of Bharat Petroleum Corporation Limited (BPCL) and its subsidiary BPRL International Singapore Pte Ltd (BPRL). The outlook on the ratings is stable, it said.
The outlook for Indian Oil Corporation (IOC), the nation’s largest fuel retailer, is stable and its leverage is likely to stay within the tolerance level of its ratings, despite negative free cash flow because of high
Global oil and gas prices are likely to remain volatile but range bound in 2019 on the back of multiple factors, ratings agency Moody’s said in a report today. The medium-term price band for West Texas Intermediate (WTI)
The government’s decision last week to reduce fuel prices through a mix of state and centre tax cuts and price cuts taken by oil marketing companies (OMCs) may have far-flung impact on the domestic oil industry, according to a Moody’s report.
Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other Middle Eastern suppliers like Saudi Arabia and Iraq, Moody’s Investors Service said Thursday.
Standard & Poor’s on Friday kept its sovereign rating for India unchanged at ‘BBB-minus’ with ‘stable’ outlook saying vulnerabilities stemming from low per capita income and high government debt balance strong GDP growth.
It could be two ratings upgrades in two weeks for India. According to sources in the government, the global ratings agency Standard & Poor’s (S&P) will revise India’s sovereign ratings on Friday.