IOC scraps oil bond issue: sources

IOC scraps oil bond issue: sources
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First Published: Tue, Jan 06 2009. 03 04 PM IST
Updated: Tue, Jan 06 2009. 03 04 PM IST
Mumbai: Indian Oil Corp (IOC) has dropped plans for an oil bond issue scheduled to open on Tuesday, three market sources said.
India’s largest state-run oil refiner had plans to sell the 8.13% bonds maturing in 2021 and 8.20% 2023 bonds, the sources said.
These bonds were issued to IOC by the government to compensate the company for selling fuels at subsidised rates.
On 31 December, Standard & Poor’s Ratings Services downgraded IOC’s corporate credit rating to ‘BB+´ from ‘BBB-´, citing deterioration in its financial profile and liquidity position and “delays in adequate support from the government of India.”
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First Published: Tue, Jan 06 2009. 03 04 PM IST