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HPCL-Mittal Energy Upgraded to Ba1 by Moody’s
July 15, 2024
HPCL-Mittal Energy was upgraded by a notch to Ba1 from Ba2 by Moody’s. The rating agency also upgraded HPCL’s senior unsecured notes by a notch to Ba2. This comes on the back of structural improvements in the company’s profile following the commissioning and stabilization of its petrochemical plant. This has resulted in a larger operating scale and improved downstream integration. Moody’s estimates HPCL’s EBITDA to be around INR 75bn ($898mn) for FY 2024-25, and around INR 72bn ($862mn) in the following year. According to Moody’s, reduction in capital spending, combined with healthy internal cash flow from operations will result in large free cash flow generations and continued debt reduction for HPCL.
HPCL’s 5.25% 2027s bond traded stable at 97.64, yielding 6.19%
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