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BPCL stake sale is ‘event risk’, too little data: Fitch

Juliet Woodard by Juliet Woodard
September 10, 2020
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Fitch Ratings on Wednesday said the potential privatisation of BPCL was an “event risk” as there was little information about bidders and potential transaction structure.The rating agency affirmed Bharat Petroleum Corporation Ltd’s (BPCL) long-term foreign-currency issuer default rating (IDR) at ‘BBB-’ The outlook is ‘negative’.“Fitch equalises BPCL’s rating with that of its largest shareholder, the India sovereign (BBB-/Negative)… due to the strong likelihood of government support,” it said. “We continue to treat the potential divestment of BPCL as an event risk, as there is little information about bidders, valuation, and the potential transaction structure, especially as BPCL owns assets across many verticals and bidders may not be interested in all of them,” Fitch said. The deadline of September 30 for the submission of expressions of interest has been extended thrice since the initial announcement in November 2019.

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Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath

Juliet Woodard

Juliet Woodard

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