Moody's Investors Service has taken a number of rating actions on Indian non-financial government-related issuers (GRIs), following its earlier announcement that it had changed the outlook on India's Baa3 sovereign rating to positive from stable.

As a result of the sovereign rating action, Moody's has changed the outlook on the ratings of the following companies:

Indian Oil Corporation (IOC): Affirmed Baa3 foreign currency issuer and debt ratings and revised outlook to positive from stable. The ba2 baseline credit assessment (BCA) remains unchanged.

Bharat Petroleum Corporation (BPCL): Affirmed Baa3 foreign currency issuer and debt ratings and revised outlook to positive from stable. Also affirmed the (P) Baa3 ratings on the MTN programme. The ba2 BCA remains unchanged.

NTPC: Affirmed Baa3 issuer rating and revised outlook to positive from stable. The baa3 BCA remains unchanged.

The ratings and outlooks of the following non-financial GRIs remain unchanged:

Oil and Natural Gas Corporation (ONGC, local currency issuer rating: Baa1 stable; foreign currency issuer rating: Baa2 stable; BCA: baa1)

Oil India (OIL, local and foreign currency issuer and foreign currency debt ratings: Baa2 stable; BCA: baa2)

GAIL (India) (local and foreign currency issuer rating: Baa2 stable; BCA: baa2)

Moody's has also assigned a definitive Ba1 senior secured rating to Delhi International Airport Pty (DIAL) USD 288 million senior secured bond. Moody's has also assigned a definitive Ba1 corporate family rating to DIAL. The ratings outlook is stable. Moody's assignment of the definitive ratings follows the company's completion of the bond issuance on satisfactory terms and conditions. The provisional ratings were assigned on Jan. 12, 2015, and Moody's rating rationale was set out in a press release published on the same day.