Crisil reaffirms Bharat Petroleum Corporation AAA and A1+ ratings

Credit rating
Refineries

Blacklitt Research27 October 20262 min read

Bharat Petroleum Corporation (NSE: BPCL) has had Crisil Ratings Limited reaffirm its ratings on bank loan facilities of ₹1,05,000 crore, it said in a filing on 27 Oct 2026. Commercial paper lines are rated Crisil A1+ in the same disclosure, and the agency also assigned or reaffirmed ratings on non-convertible debentures for future issuances.

Key highlights

Bank loan facilities: ₹1,05,000 crore, rated Crisil AAA/Stable and Crisil A1+
Non-convertible debentures for future issuances: ₹10,000 crore, rated Crisil AAA/Stable
Commercial paper INE029A14BY2: ₹1,000 crore, rated Crisil A1+
Commercial paper INE029A14BX4: ₹3,000 crore, rated Crisil A1+
Commercial paper for future issuances: ₹6,000 crore, rated Crisil A1+

The rating action in numbers

Item	Detail
Rating agency	Crisil Ratings Limited
Bank loan facilities	₹1,05,000 crore; Crisil AAA/Stable and Crisil A1+; reaffirmed
Non-convertible debentures, future issuances	₹10,000 crore; Crisil AAA/Stable; reaffirmed/assigned
Commercial paper INE029A14BY2	₹1,000 crore; Crisil A1+; reaffirmed
Commercial paper INE029A14BX4	₹3,000 crore; Crisil A1+; reaffirmed
Commercial paper, future issuances	₹6,000 crore; Crisil A1+; reaffirmed

Bank loans and commercial paper ratings

Bank loan facilities of ₹1,05,000 crore are rated Crisil AAA/Stable and Crisil A1+, and the action is shown as reaffirmed. Two commercial paper lines carry ISINs: INE029A14BY2 at ₹1,000 crore and INE029A14BX4 at ₹3,000 crore, each rated Crisil A1+ and reaffirmed.

Commercial paper for future issuances of ₹6,000 crore is also rated Crisil A1+ and reaffirmed. Each line is listed as a separate amount in the disclosure.

Debentures for future issuances rated Crisil AAA/Stable

Non-convertible debentures for future issuances of ₹10,000 crore are rated Crisil AAA/Stable, with the action shown as reaffirmed/assigned. That wording is the disclosure's own and covers this one line.

What the rating action means for Bharat Petroleum Corporation's shareholders

The ratings cover bank loans, debentures and commercial paper, and the disclosure does not refer to the company's equity shares. The disclosure does not say why the agency took this action, whether it changed any outlook, or whether any of the future-issuance amounts have been used.

Reference: Original filing (PDF)

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