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S&P keeps ratings on eight Indian firms unchanged

Standard & Poor's Ratings Services said on Friday that its foreign currency ratings on eight Indian corporate remain unchanged, despite the downgrade of India's local currency rating to 'BB+/Negative/B' from 'BBB-/Negative/A-3'.

There was no change in India's sovereign foreign currency rating of 'BB/Negative/B'.

The Indian corporate rated by Standard & Poor's are:

• Indian Oil Corp (foreign currency, double-'B'/Negative/--);

• Indian Railway Finance Corp (foreign currency, double-'B'/Negative/'B');

• Larsen & Toubro (foreign currency, double-'B'/Negative/--);

• National Thermal Power Corp (foreign currency, double-'B'/Negative/--);

• Power Finance Corp (foreign currency, double-'B'/Negative/'B');

• Reliance Industries (foreign currency, double-'B'/Negative/--);

• Tata Engineering & Locomotive Co Ltd (The) (foreign currency double-'B'-minus/Negative/--, local currency double-'B'-minus/Negative/--);

• Tata Power Co (foreign currency, double-'B'/Negative/-).

Tata Engineering and Locomotive Co Ltd is the only Indian corporate that has a local currency rating from Standard & Poor's.

However, its local currency rating has not been affected by the downgrade of the local currency rating on India because it is rated lower than the revised sovereign local currency rating, and the rating does not factor in any support from the government.

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