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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
