ONGC’s BBB- Rating Reaffirmed: Fitch Flags Strengths, Risks, and Green Ambitions

Fitch Ratings has reaffirmed Oil and Natural Gas Corporation Ltd (ONGC) at BBB with a stable outlook, citing its strategic importance to India’s energy security and strong standalone credit profile. The rating is capped by India’s sovereign rating, given the government’s 59% ownership and direct control over ONGC’s board and leadership.

 

Key Rating Drivers:

Financial & Operational Outlook:

Strategic Importance:

Fitch assesses ONGC’s role, oversight, and support from the Indian government as “Strong,” with contagion risk deemed significant due to its GRE status.

 

Sources: Fitch Ratings, Economic Times, CNBC TV18, Outlook Business, Cbonds.