Moody's downgrades ONGC, GAIL on govt credit quality

CNBC-TV18 reports on ratings agency Moody's downgrading the credit ratings of PSU oil and gas majors ONGC and GAIL based on the credit quality of the government of India.

April 12, 2012 / 18:52 IST

26 Aug, 2025 12:21

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Ratings agency Moody's has downgraded the ratings of PSU oil and gas majors ONGC and GAIL, reports CNBC-TV18. Upstream oil and natural gas major ONGC has been downgraded to 'baa1' from 'a2'. Moody's has also trimmed GAIL's rating from 'a-3' to 'b-a-a-2'.

The ratings agency has justified the downgrades saying that ONGC and GAIL couldn't be delinked from the credit quality of the government of India and that the weaker sovereign has the potential to create a drag on ratings.

first published: Apr 12, 2012 06:46 pm

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