Moody's: ONGC's acquisition of HPCL will increase ONGC's leverage to upper limit of its Baa1 rating
Announcement: Moody's: ONGC's acquisition of HPCL will increase ONGC's leverage to upper limit of its Baa1 rating. Global Credit Research- 30 Oct 2017. Singapore, October 30, 2017-- Moody's Investors Service says that Oil and Natural Gas Corporation Ltd.' s planned acquisition of a majority stake in Hindustan Petroleum Corporation Ltd. will cause ONGC's leverage to approach the upper limit of its Baa1 rating.Oil and Natural Gas is engaged in exploration, development and production of crude oil and natural gas. Co.'s business also includes niche areas like -processing of crude oil & natural gas; oil field services, transportation of the oil and natural gas, production of value added products like - LPG, Naphtha, Superior Kerosine Oil, ATF, C2-C3, etc., Refinery, Petrochemicals, Power, unconventional and alternate sources of energy. Co.'s five international locations as per oil & gas production are in Vietnam, Russia, Venezuela, Sudan, South Sudan, and Colombia. Co.'s five international locations as per oil & gas reserves are in Russia, Venezuela, Sudan, South Sudan, Myanmar and Vietnam.
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