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Moody's Assigns Baa3 rating to Petronet

M/s. Moody's Investor Service ("Moody's") has assigned Baa3 Corporate Family Rating to Petronet LNG Limited. The outlook on the rating is stable.

It may be noted that Baa3 is also the external rating of India as a Country and, therefore, PLL has been assigned rating equivalent to that of the Sovereign.

This is the first time that PLL has gone for a credit rating from an International Rating Agency. With this rating, PLL has joined the elite group of companies like Bharat Petroleum Corporation Limited, Bharti Airtel Limited, Indian Oil Corporation Limited and National Thermal Power Corporation Limited who are similarly rated by the Moody's.

PLL's rating reflects its dominant position in the gas sector in India.

PLL is a company formed as a joint venture among BPCL, GAIL, IOCL and ONGC who together hold 50% equity in the Company. GDF International, a GDF Suez company, holds another 10% equity and 5.2% equity is held by ADB. PLL has two LNG plants in India. The first plant at Dahej, in the state of Gujarat, currently has a capacity to import, store and regasify 10 MMTPA equivalent of LNG. This capacity is being further enhanced to15 MMTPA. The second plant of PLL is at Kochi, in the state of Kerala, with an annual capacity of 5 MMTPA. Pre-project activities for PLL's third LNG terminal at Gangavaram in the state of Andhra Pradesh have already been completed and PLL is gearing up to commence construction activities on the terminal soon after receipt of
relevant approvals from the state Government.

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