Fitch Ratings has revised the Outlooks on the Long-Term Issuer Default Ratings of seven Indian state owned enterprises to Negative from Stable and affirmed the ratings.

The Outlook revision follows Fitch's revision of the Outlook on India's LT Foreign- and Local-Currency IDRs to Negative from Stable. This is because the IDRs of Fitch-rated seven SOEs are either equated to the sovereign's or their stand-alone credit profiles are currently at, or constrained by, the sovereign's IDRs as per Fitch's Parent and Subsidiary Rating Linkage methodology.

The ratings of Rural Electrification Corporation Limited, Power Finance Corporation Limited, GAIL India Limited and Indian Oil Corporation Limited are equalised with those of the sovereign. The ratings of NTPC Limited, NHPC Limited and Steel Authority of India Limited are assessed on a bottom up basis.

Power Finance Corporation Limited
Long-Term Foreign-Currency IDR and senior unsecured rating affirmed at 'BBB-'; Outlook on the IDR revised to Negative from Stable

GAIL India Limited
Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook revised to Negative from Stable

Indian Oil Corporation Limited
Long-Term Foreign-Currency IDR and senior unsecured rating affirmed at 'BBB-'; Outlook on the IDR revised to Negative from Stable

NTPC
Long-Term Foreign-Currency IDR and senior unsecured rating affirmed at 'BBB-'; Outlook on the IDR revised to Negative from Stable

NHPC
Long-Term Foreign- and Local-Currency IDRs affirmed at 'BBB-'; Outlook revised to Negative from Stable

Steel Authority of India Limited
Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook revised to Negative from Stable

Source - Reuters

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