Hot Pursuit
Mangalore Refinery And Petrochemicals Ltd announced that Fitch Ratings has assigned an initial Issuer Default Rating (IDR) of 'BBB-' with a Stable Outlook, a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB-' with a Stable Outlook, and a Standalone Credit Profile (SCP) of 'bb+' – a notch below ONGC's IDR – while also assigning a Senior unsecured debt rating of 'BBB-' and a Senior unsecured rating of 'BBB-' to the company; Fitch Ratings, Inc. has similarly assigned an IDR of 'BBB-' with a Stable Outlook and an IDR of 'BBB' with a Stable Outlook, alongside a first-time rating for the USD 500 million IDR related to crude oil purchases guarantee from Saudi Arabian Oil Company, also rated 'BBB-' with a Stable Outlook, and has noted a Negative sensitivity if EBITDA net leverage sustains above 2.0x, with the 'BBB-' rating reflecting the 'bb+' SCP and a top-down -1 notching approach based on linkage with ONGC, and assigning a Long-Term IDR (LTIDR) of 'BBB-' with a Stable Outlook.