Credit ratings agency Moody’s Investors has affirmed Oil and Natural Gas Corporation’s (ONGC) Baa1 local and foreign currency issuer ratings, as it reflects an improvement in the firm’s credit metrics because of risi in oil prices. The improvement was largely driven by better earnings, which in turn was because of higher realized crude oil prices.
This should result in ONGC generating positive free cash flow – despite the company’s high level of capital spending and shareholder returns – which Moody’s expects the company will use to reduce its borrowings. The company’s credit metrics will likely remain appropriate for its rating category over the next 12-18 months.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
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