India's sovereign rating downgrade has created six "fallen angels", or compani
India’s sovereign rating downgrade has created six “fallen angels”, or companies in the non-financial sector whose ratings have dipped to just one notch away from being considered junk, global ratings agency Moody’s Investors Service said on Tuesday.
Companies that move from investment grade category to sub-investment grade are sometimes referred as “Fallen Angels”.
All these six companies are state-run enterprises in the oil and gas sector, and have $1 billion of rated bonds coming up for repayment till 2021, the agency said.
These six include Indian Oil Corporation, Hindustan Petroleum Corporation, Oil India, Petronet LNG, Bharat Petroleum Corporation and Oil and Natural Gas Corporation, the agency said, adding that the fundamental credit profiles of all of them are intact.
Further ratings action on the final ratings of these six state-run oil-and-gas companies will be driven by a downgrade of the sovereign rating and…