New Delhi, April 27 -- Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Rating (IDR) of Oil India Limited at 'BBB-' with a Stable Outlook, citing strong government support and the company's strategic importance in India's energy sector.

"Fitch Ratings has affirmed Oil India Limited's (OIL) Long-Term Foreign-Currency Issuer Default Rating (IDR)... at 'BBB-'... The Outlook on the IDRs is Stable," the agency said in its latest report.

The rating agency said the company's rating is closely linked to India's sovereign rating, as it expects strong backing from the government. "OIL's IDR is equalised with the Indian sovereign rating... based on our 'Very Likely' assessment of support from the government," Fitch noted. ...