Fitch affirms IOC at 'BBB-', outlook negative on refining volume, margins

Fitch Ratings on Monday said it has affirmed a 'BBB-' rating on state-owned Indian Oil Corp (IOC) with a negative outlook on the expectation of gradual recovery in refining volume and margins in the second quarter.

The rating assigned to IOC is equal to its largest shareholder, the state of India, Fitch said in a statement.

"We have maintained IOC's standalone credit profile (SCP) at 'bb+', as we expect net leverage to improve to a level that is in line with the SCP from the financial year ending March 2022 (FY22) after deteriorating to levels well above where we would consider revising