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Bond Market News
HPCL-Mittal Energy Upgraded to BB+ by Fitch
June 7, 2024
HPCL-Mittal Energy has been upgraded by a notch, to BB+ from BB by Fitch. The rating agency also upgraded HPCL’s senior unsecured notes by a notch to BB. The upgrade reflects improvement in credit profile of the company and expectations that the company’s net leverage will sustain below 5x from FY2025-28. HPCL’s deleveraging is expected to be supported by lower capex intensity following the completion of its petrochemical project and the increase in cashflows from the ramp-up in the project’s operations. The plan will also help integrate HPCL’s refining and petrochemical processes, leading to greater cash flow stability.
HPCL’s 5.25% 2027s traded stable at 96.7 cents on the dollar, yielding 6.52%.
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