Oil & Natural Gas Corporation Limited — Credit Ratings, 08-11-2024: Credit Rating- Others

Oil and Natural Gas Corporation Limited (ONGC) announced that India Ratings has withdrawn the credit rating for its Rs. 2,640 Crore Non-Convertible Debentures, affirming an 'IND AAA/Stable' rating for the remaining Rs. 2,360 Crore NCD program. ONGC's financial health remains robust, with strong linkages to the Government of India and stable production metrics, despite challenges from capex needs and fluctuating commodity prices. The company is planning a capex of around INR 358 billion for FY25.