S&P global withdraws rating on ONGC Videsh subsidiary’s US$600m notes

Oil and Natural Gas Corporation Limited (ONGC) announced on November 21, 2025, that S&P Global Ratings has withdrawn its 'BBB' long-term issue rating on the US$600 million senior unsecured notes due 2026. These notes were issued by ONGC Videsh Vankorneft Pte. Ltd., a wholly-owned step-down subsidiary of ONGC Videsh in Singapore. This withdrawal was made at the issuer's request.

Despite this change, S&P Global's 'BBB' issuer credit ratings for ONGC itself, and the 'BBB' long-term issue credit rating on the US$300 million senior unsecured notes due 2029 issued by ONGC, remain unchanged. This indicates that the rating adjustment is specific to the subsidiary's notes and does not impact ONGC's overall credit standing or its other senior unsecured notes.

ONGC currently holds various other ratings, including 'Baa3' for international bonds (Moody's), 'BBB' for international bonds (S&P Global and Fitch Ratings), 'CARE A1+' for commercial paper (CARE Ratings), 'IND A1+' for commercial paper (India Ratings and Research Private Limited), and 'AAA' for non-convertible debentures from multiple agencies.