Fitch Ratings has assigned India-based Bharat Petroleum Corporation (BPCL; BBB-/Stable) 4% USD 500 million senior unsecured notes due 2025 a final rating of 'BBB-'. The notes are issued out of its USD 2 billion medium-term note programme, rated 'BBB-'.

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of BPCL. The assignment of the final rating follows a review of the final documentation materially conforming to the draft documentation previously received. The final rating is the same as the expected rating assigned on Apr. 22, 2015.

BPCL has very strong linkages-operationally and strategically-with its 54.9% shareholder, the Indian state (BBB-/Stable). Its rating is equalised with that of India based on Fitch's Parent and Subsidiary Linkage criteria. BPCL continues to sell public distribution kerosene and household LPG at below market prices under a regulated pricing regime, although diesel prices were deregulated in October 2014. We believe that BPCL continues to be a strategically important entity for the state.

Shares of the company declined Rs 24, or 3.19%, to trade at Rs 727.20. The total volume of shares traded was 95,299 at the BSE (3.24 p.m., Tuesday).