The rating agencies are closely following the developments on the government's stake sale in BPCL .
Bharat Petroleum Corporation share price rose 2 percent intraday on December 12 despite a revision of ratings of is non-convertible debentures (NCDs) and senior unsecured debt-foreign currency.
Moody's has changed from Baa2 (stable) to Baa2 (negative) the outlook on senior unsecured debt-foreign currency, while it put the rating on “review for downgrade", considering the disinvestment plan.
CRISIL has placed its long-term rating of AAA (stable) for NCDs and bank facilities long term on “rating watch with developing implications”.
CARE, too, has placed NCDs’ long-term rating of AAA on “rating watch with developing implications”.
FITCH is also continuously monitoring developments with regard to the sale of the government of India's stake in BPCL along with transfer of management control to a strategic partner.At 12.42 hours, Bharat Petroleum Corporation was quoting at Rs 488.50, up Rs 5.80, or 1.2, percent on the BSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.