Bharat Petroleum Corporation update on ratings actions by various agencies

Bharat Petroleum Corporation announced the rating actions by various rating agencies as under -

i) Moody's with the change in the sovereign rating of India, have changed the outlook from Baa2(Stable) to Baa2(Negative) in respect of senior unsecured debts-Foreign Currency. Further Moody's while retaining the rating as Baa2(Negative) have put the rating on ' Review for Downgrade" considering the disinvestment plan.

ii) CRISIL has placed long term rating of AAA(Stable) in respect of Non-convertible debenture and Bank facilities-long term on 'Rating Watch with Developing Implications' considering the disinvestment plan.

iii) CARE has placed long term rating of AAA(Stable) in respect of Non-convertible debenture on ' Rating Watch with Developing Implications' considering the disinvestment plan.

Further, FITCH is also continuously monitoring the further developments with regard to sale of Govt. of India's stake in BPCL along with transfer of management control to strategic partner.

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