India’s state owned Oil and Natural Gas Corporation Limited’s (ONGC) has been rated BBB- by Fitch in line with the sovereigns’ ratings. The rating applies to the Long-Term Foreign Currency Issuer Default Rating (IDR) as well as to the company’s dollar senior unsecured note and to the foreign-currency guaranteed notes issued by ONGC’s subsidiary, ONGC Videsh Limited (OVL), and OVL’s subsidiary, ONGC Videsh Vankorneft Pte Ltd, and the medium-term note programme co-issued by the three entities. ONGC’s Standalone Credit Profile has been rated bbb+. The rating action is supported by the fact that ONGC is the largest producer of oil and gas in India with significant reserves and a diversified business model and is restricted by its moderate financial profile. The upstream EBITDA of the company is expected to rise ~42% in FY22 after dipping 34% in FY21. ONGC is also rated BBB- by S&P and Baa3 by Moody’s. The rating action comes as speculation is rife that ONGC’s international subsidiary, ONGC Videsh could tap the bond markets through a bond issuance of up to $525mn to repay its €525mn ($625mn) 2.75% 2021s maturing this month.