Home / Business and Economy / S&P Withdraws Rating on ONGC Videsh Notes
S&P Withdraws Rating on ONGC Videsh Notes
21 Nov
Summary
- S&P Global Ratings withdrew a key debt rating for ONGC Videsh Vankorneft notes.
- The withdrawn rating applies to US$600 million in senior unsecured notes due 2026.
- Other debt ratings for the ONGC subsidiary remain unchanged.
S&P Global Ratings has officially withdrawn its 'BBB' long-term issue rating for ONGC Videsh Vankorneft's US$600 million senior unsecured notes. This specific debt, due in 2026, had its rating removed at the direct request of the issuer. ONGC Videsh Vankorneft is a wholly owned subsidiary of the larger Oil & Natural Gas Corporation (ONGC).
Despite this specific rating withdrawal, the financial outlook for the subsidiary remains partially stable. The agency affirmed that the 'BBB' issuer credit ratings for ONGC Videsh Vankorneft remain in place. Furthermore, the 'BBB' long-term issue credit rating on another set of senior unsecured notes, valued at US$300 million and maturing in 2029, has also been unchanged.
This development pertains to a specific debt instrument and does not impact the overall credit standing of the ONGC subsidiary as assessed by S&P Global Ratings. Investors monitoring the debt of ONGC Videsh Vankorneft should note the distinction between the withdrawn rating and the affirmed ratings for other outstanding debt.
