GAIL outlook 'Stable': Fitch

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GAIL outlook 'Stable': Fitch
State-run gas transmission and marketing, GAIL (India) Ltd has been served with a stable outlook by Credit rating agency, Fitch, providing a 'BBB-' rating to its long-term foreign currency issues.

Fitch quoted in a report, "Fitch assesses that overall, the legal, operational and strategic ties between GAIL and its 57.3 per cent owner, the Government of India (GoI, 'BBB-'/Stable), are strong enough to rate the company on a top-down basis, equating its rating to that of the GoI."

Further the report said, "Given the company's relatively low financial and business risk, a 'BBB-' rating would still be appropriate in this situation. The rating of GAIL is constrained by the sovereign rating."

Read more about: shares, ratings, gail, oil and gas
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