Oil and Natural Gas Corporation Ltd.: Rating Remains Well Positioned Despite Low Gas Prices, Russian Acquisitions and Planned Investments in Andhra Pradesh

Oil and Natural Gas Corporation Ltd.: Update following a 51.1% stake acquisition in HPCL - Credit Opinion – 2018/02/19 – US$ 250.00 – ...Oil and Natural Gas Corporation Ltd.'s (ONGC) Baa1 issuer ratings are primarily driven by its standalone credit profile as captured in its baa1 baseline credit assessment (BCA). The baa1 BCA reflects (1) its position as the largest integrated oil & gas company in India with significant production and reserves, along with refining and marketing of petroleum products in India; (2) strong credit metrics, which have weakened but remain appropriate for its ratings following the acquisition of Indian government's (Baa2 stable) 51.1% stake in Hindustan Petroleum Corporation Limited (HPCL, Baa2 stable); (3) substantial operating cash flow generation capacity which can sustain its planned mid-term capital spending. At the same time, the BCA incorporates our expectation that the company will not be asked to share fuel subsidies as long as the oil prices stay below $60-$70 per barrel. Despite our expectation of high likelihood of extraordinary support from the Government of India, the lower sovereign...

Moody's affirms ONGC's ratings following HPCL acquisition announcement - Rating Action – 2018/01/30 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Oil and Natural Gas Corporation Ltd.: Update following foreign currency ratings upgrade to Baa1 from Baa2 - Credit Opinion – 2017/12/08 – US$ 250.00 – ...Oil and Natural Gas Corporation Ltd.'s (ONGC) Baa1 issuer ratings are primarily driven by its standalone credit profile as captured in its baa1 Baseline Credit Assessment (BCA). The BCA reflects (1) ONGC's strong credit metrics, which may weaken but remain appropriate for its ratings following the possible acquisition of Indian government's (Baa2 stable) 51.1% stake in Hindustan Petroleum Corporation Limited (HPCL, Baa2 stable); (2) company's position as the largest upstream oil & gas company in India with significant reserves and production; (3) substantial operating cash flow generation capacity; and (4) solid liquidity profile. At the same time, the BCA incorporates our expectation that the company will not be asked to share fuel subsidies as long as the oil prices stay below $60-$65 per barrel. Despite our expectation of high likelihood of extraordinary support from the Government of India, the lower sovereign rating means that ONCG's ratings do not benefit from any uplift. Our support...

Oil and Natural Gas Corporation Ltd.: Earnings Increase Supports ONGC's Credit Profile Despite Higher Borrowing - Issuer Comment – 2017/05/30 – US$ 200.00

Oil India and ONGC Will Benefit from Government Royalty Claims Settlement - Issuer Comment – 2017/02/27 – US$ 200.00

ONGC's Planned $11.5 Billion Investment in Andhra Pradesh Is Credit Negative - Issuer Comment – 2017/02/06 – US$ 200.00

Oil and Natural Gas Corporation Ltd. - Company Profile – 2016/12/06 – US$ 200.00

Oil and Natural Gas Corporation Ltd.: Russian Acquisitions can be Accommodated in the Current Ratings Despite Low Oil Prices - Credit Opinion – 2016/07/14 – US$ 250.00

Moody's assigns Baa2 to ONGC's proposed bonds - Rating Action – 2016/07/13 – US$ 180.00

Oil and Natural Gas Corporation Limited: Lower Subsidies And High Financial Flexibility Support Ratings - Credit Opinion – 2016/04/05 – US$ 250.00