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As on : 29-Sep-2026
Hot Pursuit
29-Sep-2026     18:08

Fitch Ratings assigns 'BBB-' IDR and ratings to Mangalore Refinery, linked to Saudi Arabian Oil Company

Mangalore Refinery And Petrochemicals Ltd announced that Fitch Ratings has assigned an initial Issuer Default Rating (IDR) of 'BBB-' with a Stable Outlook, a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB-' with a Stable Outlook, and a Standalone Credit Profile (SCP) of 'bb+' – a notch below ONGC's IDR – while also assigning a Senior unsecured debt rating of 'BBB-' and a Senior unsecured rating of 'BBB-' to the company; Fitch Ratings, Inc. has similarly assigned an IDR of 'BBB-' with a Stable Outlook and an IDR of 'BBB' with a Stable Outlook, alongside a first-time rating for the USD 500 million IDR related to crude oil purchases guarantee from Saudi Arabian Oil Company, also rated 'BBB-' with a Stable Outlook, and has noted a Negative sensitivity if EBITDA net leverage sustains above 2.0x, with the 'BBB-' rating reflecting the 'bb+' SCP and a top-down -1 notching approach based on linkage with ONGC, and assigning a Long-Term IDR (LTIDR) of 'BBB-' with a Stable Outlook.

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