New Delhi, June 24 -- Fitch Ratings has affirmed Indian Oil Corporation's Long-Term Foreign-Currency Issuer Default Rating at BBB minus with a Stable outlook, equalising it with the sovereign rating of India.

The rating agency expects IOC's EBITDA to fall 50 to 60 percent in fiscal 2027 due to the Iran conflict and higher input costs, before rebounding 20 to 30 percent in fiscal 2028 as refining margins normalise. Despite the near-term pressure, Fitch sees IOC's state backing and dominant market position keeping credit risk contained.

Fitch Ratings said the affirmation reflects "Extremely Likely" state support and equalises IOC's rating with India's sovereign rating of BBB minus with Stable outlook under its Government-Related Entities ...