New Delhi, July 10 -- Fitch Ratings has upgraded the Standalone Credit Profile (SCP) of Oil and Natural Gas Corporation (ONGC) to 'bbb+' from 'bbb', while affirming the company's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable outlook.

According to Fitch, the upgrade in ONGC's standalone credit profile reflects its expectation that the company's EBITDA net leverage will remain well below the 2.0x threshold despite higher capital expenditure plans.

It stated "Fitch Affirms Oil and Natural Gas Corporation at 'BBB-'/Stable; Raises SCP to 'bbb+'"

The ratings agency said it expects ONGC's production decline to be arrested amid higher crude oil prices, while its vertically integrated operations will help mainta...