Bharat Petroleum Corporation
30 November 1999
30 November 1999
- Bonds programme - Rs 1,000 crore Rating : AAA
- Bonds programme - Rs 247 crore Rating : AAA (reaffirmed)
- Fixed deposit programme Rating : FAAA (reaffirmed)
- Short term debt programme - Rs 400 crore Rating : P1+ (reaffirmed)
Crisil has assigned an AAA rating (pronounced triple-A) to the Rs. 1,000-crore bonds programme of Bharat Petroleum Corporation Ltd. It has also reaffirmed the AAA rating for BPCL''s Rs. 247-crore bond programme, the FAAA (pronounced F triple-A) rating for its fixed deposit programme, and the P1+ (pronounced P one-plus) rating assigned to its Rs. 400-crore short term debt programme.
The ratings reflect BPCLs strength as an integrated oil company in the downstream sector with depreciated refinery assets, established distribution network, favourable operating performance and strong financial position.
BPCL is one of the three integrated downstream oil companies in the country involved in both refining and marketing operations. BPCL has a refinery at Mumbai with 6.9 million tonnes per annum capacity. BPCL has a 21 per cent share of Indian petroleum market and its marketing and distribution infrastructure is spread all over the country. It has recently commissioned the Mumbai - Manmad pipeline and currently, it is in the process of commissioning Numaligarh refinery (3 million tpa capacity) through a joint venture with IBP. BPCL has also entered into joint venture with Shell Overseas Investment Ltd. B.V., Netherlands -- Bharat Shell Ltd -- for marketing the Shell brand of lubricants in the country and for parallel marketing of LPG.