Meanwhile, the ratings agency has affirmed the long-term issuer ratings of three non-financial companies, namely, Reliance Industries Limited (RIL), UPL Corporation Limited and Genpact Limited.
Following its sovereign rating downgrade for India, Moody's Investors Service has now downgraded the long-term issuer ratings of eight non-financial companies -- Oil and Natural Gas Corporation Ltd (ONGC), Hindustan Petroleum Corporation Ltd (HPCL), Oil India Limited (OIL), Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Limited (BPCL), Petronet LNG Limited, Tata Consultancy Services Limited (TCS) and Infosys Limited. The outlook on all ratings for these companies remains negative.
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Meanwhile, the ratings agency has affirmed the long-term issuer ratings of three non-financial companies, namely, Reliance Industries Limited (RIL), UPL Corporation Limited and Genpact Limited.
While the outlooks for UPL Corp and Genpact remain stable, the outlook for RIL has been revised to negative from stable.
On June 1, Moody's downgraded India's rating to BAA3 and maintained a negative outlook. It said in a statement that the decision to downgrade India's ratings reflects Moody's view that the country's policymaking institutions will be challenged in enacting and implementing policies that effectively mitigate the risks of a sustained period.
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