New Delhi: Oil and Natural Gas Corporation Limited (ONGC) has informed the stock exchanges that CareEdge Ratings has reaffirmed the credit ratings assigned to the company’s bank facilities and financial instruments.
The reaffirmed ratings include CARE AAA; Stable for long-term facilities and instruments, along with CARE A1+ for short-term facilities and commercial paper. The ratings indicate the agency’s assessment of ONGC’s creditworthiness across its various borrowing arrangements and financial instruments.
The company disclosed the rating update under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
ONGC Credit Rating Details: Facility-Wise Breakdown
According to the disclosure, CareEdge Ratings has reaffirmed the ratings for the following facilities and instruments:
- Long-term / Short-term Bank Facilities: ₹17,500 crore – CARE AAA; Stable / CARE A1+
- Long-term Bank Facilities: ₹7,500 crore – CARE AAA; Stable
- Short-term Bank Facilities: ₹10,000 crore – CARE A1+
- Non-Convertible Debentures (NCDs): ₹7,500 crore – CARE AAA; Stable
- Commercial Paper: ₹10,000 crore – CARE A1+
- Total Amount: ₹52,500 crore
All five categories received a reaffirmation, with no rating downgrade or upgrade indicated in the information provided.
What CARE AAA; Stable and CARE A1+ Ratings Mean
The reaffirmed ratings reflect CareEdge Ratings’ assessment of ONGC’s ability to meet its financial obligations.
- CARE AAA; Stable: This rating represents the highest degree of safety regarding timely servicing of financial obligations, with very low credit risk. The Stable outlook indicates that the rating outlook is stable.
- CARE A1+: This is the highest rating category for short-term debt instruments under CareEdge Ratings’ rating scale, indicating a very strong degree of safety regarding timely payment.
The reaffirmation applies to ONGC’s specified bank facilities, non-convertible debentures and commercial paper.
ONGC Makes Disclosure Under SEBI Listing Regulations
ONGC disclosed the credit rating update in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Such disclosures keep investors and other market participants informed about material developments concerning a listed company’s financial arrangements and credit ratings.
The latest rating action confirms the continuation of the previously assigned ratings for the specified facilities and instruments.
About Oil and Natural Gas Corporation Limited (ONGC)
Oil and Natural Gas Corporation Limited (ONGC) is a Maharatna central public sector enterprise under the Ministry of Petroleum and Natural Gas, Government of India. It is one of India’s largest oil and gas exploration and production companies, engaged in exploring, developing and producing crude oil and natural gas to support the country’s energy requirements.
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