Oil and Natural Gas Corporation (ONGC) announces changes to its debt programs following a credit rating review. India Ratings has withdrawn its IND AAA/Stable rating on ₹500 Crore of Non-Convertible Debentures (NCDs) and ₹860 Crore of unutilized NCDs. However, the IND AAA/Stable rating remains affirmed for the balance NCD program of ₹1,000 Crore.
Debt Rating Adjustments
India Ratings and Research Private Limited has withdrawn the IND AAA/Stable long-term rating for ₹500 Crore of Non-Convertible Debentures (NCD) as the tranche has been redeemed. There is no outstanding amount against this instrument. This decision was communicated on October 30, 2025.
Unutilized NCD Program
The long-term rating of IND AAA/Stable assigned to ONGC’s unutilized Non-Convertible Debentures (NCD) program of ₹860 Crore has also been withdrawn at the company’s request.
Affirmation of Existing Program
India Ratings and Research Private Limited has affirmed the long-term rating of IND AAA/Stable assigned to the balance NCD program of ₹1,000 Crore.
Detailed Credit Ratings Overview
A detailed overview of credit ratings for various instruments is presented below:
| Instruments | Rating Agency | Rating | Outlook |
|---|---|---|---|
| International Bonds (Senior unsecured notes) | Moody’s Investors Service | Foreign Currency Rating: Baa3 Local Currency Rating: Baa3 |
Stable |
| International Bonds (Senior unsecured notes) | S&P Global Ratings | Long Term Issue Rating: BBB | Stable |
| International Bonds (Senior unsecured notes) | Fitch Ratings | Long Term Foreign Currency Issuer Default Rating: BBB- | Stable |
| Commercial Paper up-to Rs. 10,000 Crore | CARE Ratings Limited | CARE A1+ | – |
| Commercial Paper up to Rs. 10,000 Crore | India Ratings and Research Private Limited | IND A1+ | – |
| Non-Convertible Debentures for Rs. 9,860 Crore | ICRA Limited | [ICRA] AAA | Stable |
| Non-Convertible Debentures for Rs. 1,000 Crore | India Ratings and Research Private Limited | IND AAA | Stable |
| Non-Convertible Debentures for Rs. 7,500 Crore | CARE Ratings Limited | CARE AAA | Stable |
Source: BSE
