Fitch downgrades ONGC, OVL and ONGC Videsh Vankorneft ratings to BBB-

This makes it harder for ONGC's two arms to raise money for financing their projects. OVL is currently said to be in the process of raising $500 mn for repaying existing debt

A ratings downgrade for India has rubbed off on Oil and Natural Gas Corporation (ONGC) and its subsidiary ONGC Videsh (OVL).

In a statement, Fitch Ratings said it has issued a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB-' to Oil and Natural Gas Corporation (ONGC). This rating has also been issued to OVL's subsidiary, ONGC Videsh Vankorneft, and the medium-term note programme co-issued by the three entities.

This makes it harder for the two to raise money for financing their project needs. OVL is currently said to be in the process of raising $500 million to repay some existing