S&P Assigns ‘BBB’ Rating with Stable Outlook to Indian Oil

Indian Oil Corp. Ltd. said S&P Global Ratings has assigned it a long-term foreign and local-currency issuer rating of “BBB” with a “stable” outlook.

The stable outlook reflects India’s sovereign credit rating and S&P’s expectation that Indian Oil will maintain its strong market position, high utilisation levels, and key role in the country’s energy sector.

S&P said the company’s growing integration of refineries with its pipeline network strengthens its competitive edge and estimated Indian Oil’s annual operating cash flow at ₹450–520 billion over the next 12–24 months.