Indian Oil Corporation announced that Moodys' Investor service (Moody's), Credit Rating Agency has downgraded India's Sovereign rating to Baa3 from Baa2 (outlook remains negative). The rating of IndianOil is closely linked with that of the Government of India.

As a result, Moodys has downgraded the credit rating of IndianOil's debt instrument viz. Senior unsecured Debt Foreign Currency by one notch to Baa3 from Baaz2, in line with the downgrade of the Sovereign rating.

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