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Moody’s assigns Baa3 rating to Bharat Petroleum

Moody's Investors Service on Friday for the first time assigned a short-term debt rating–  Baa3 – with a stable outlook to Indian petroleum major BPCL. Moody's has also assigned a provisional [P] Baa3 Prime-3 senior unsecured foreign currency debt rating, which is given to firms which have acceptable ability to repay short-term debt, to the proposed US dollar notes to be issued by BPCL [Bharat Petroleum Corporation Ltd].

The provisional bond rating was based on a review of documentation as of 10 October , Moody's said.

Moody's would assign a definitive rating to the bond upon the closing of the proposed bond issuance and a review of the final terms. 'The Baa3 rating reflects BPCL's strategic importance to the Indian government because of its position as the country's third-largest refiner of crude oil and the second-largest distributor of petroleum products.
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