Lowest credit risk and the Highest credit quality : ICRA reaffirms Ir AAA & A1+ ratings of MRPL

Date: 
April 04, 2008

Credit rating agency, ICRA reaffirmed the Issuer Rating of 'Ir AAA' assigned to Mangalore Refinery and Petrochemicals (MRPL), the ONGC Group Company and a mini ratna I, certifying that MRPL carries lowest credit risk.

ICRA has also reaffirmed the 'A1+' rating, indicating highest credit quality to MRPL.

The ratings reflect the majority ownership of ONGC (rated LAAA with a Stable Outlook, by ICRA), and the company`s strong operational & financial performance over the last few years. The ratings are also supported by the favourable outlook on the international refining margins in the medium term and high financial flexibility enjoyed by MRPL.

Issued by
Corporate Communication, MRPL,
Lekshmi M Kumaran
DGM, CC
MRPL

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