The Hindu Business Line : High credit rating for ONGC bonds

CRISIL and ICRA have assigned high credit rating to ONGC's Rs 50 crore notional non-convertible debenture issue. According to a company statement, while CRISIL has given AAA rating, ICRA has also assigned a long-term AAA rating. The credit rating exercise was initiated by ONGC to facilitate borrowing in domestic market to fund its growth plans, the statement said. The company has stepped up its domestic investment through joint ventures and special purpose vehicles, and further increase is also envisaged. These ratings should help in ensuring on-time availability of the required funds in case such a need arises, the company statement added.

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