Moody’s Investors Service has upgraded ratings of nine state-owned firms. These are Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Indian Oil Corp (IOC), Petronet LNG Ltd (PLL), Oil and Natural Gas Corp (ONGC), National Thermal Power Corporation (NTPC), NHPC, National Highway Authority of India (NHAI) and GAIL India.
The foreign currency issuer ratings of BPCL, HPCL, IOC and PLL was upgraded to Baa2 from Baa3. The outlook on these ratings have been revised to stable from positive, Moody’s said in a statement.
ONGC’s rating has been upgraded to Baa1 from Baa2. Ratings of NTPC, NHPC, NHAI and GAIL India have also been raised to Baa2 stable.
Earlier yesterday, Moody’s Investors Service upgraded India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.This upgrade comes after 13 years. India’s sovereign credit rating was last upgraded in January 2004 to Baa2 from Baa3.