The revision in the outlook to the rating was done as Fitch Ratings has revised the outlook of various Government Related Entities (GREs) from stable to negative including that of GAIL.
This revision in the outlook to the rating is in line with the revision in the outlook of India's Sovereign Rating from BBB- with stable outlook to BBB- with negative outlook carried out on 18 June, 2020 by Fitch Ratings. The ratings of GREs are closely linked with the Sovereign Rating of India.
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