Fitch Affirms Ratings on 13 Asia-Pacific Oil and Gas Companies
Wednesday, February 11 2026 - 07:13 AM WIB
(Fitch Ratings - Jakarta/Singapore/Hong Kong - 10 Feb 2026)--Fitch Ratings has affirmed the ratings of 13 oil and gas companies in the Asia-Pacific region following the 9 January 2026 update of our Corporate Rating Criteria and Sector Navigators - Addendum to the Corporate Rating Criteria. The criteria changes do not affect the companies' ratings and Outlooks.
Key Rating Drivers
See each issuer's press release for the full key ratings drivers:
Bharat Petroleum Corporation Limited - "Fitch Affirms Bharat Petroleum at 'BBB-'; Outlook Stable", dated 24 September 2024
Binh Son Refining and Petrochemical Joint Stock Company - "Fitch Affirms Binh Son Refining and Petrochemical at 'BB+'/Stable", dated 22 August 2025
Hindustan Petroleum Corporate Limited - "Fitch Affirms Hindustan Petroleum at 'BBB-'; Outlook Stable", dated 6 October 2025
HPCL-Mittal Energy Limited - "Fitch Affirms HPCL-Mittal Energy at 'BB+'; Outlook Stable", dated 2 June 2025
Indian Oil Corporation Ltd - "Fitch Affirms Indian Oil Corporation at 'BBB-'; Outlook Stable", dated 26 June 2025
Karoon Energy Limited - "Fitch Affirms Karoon's IDR at 'B'; Outlook Stable", dated 22 April 2025
Oil and Natural Gas Corporation Limited - "Fitch Affirms Oil and Natural Gas Corporation at 'BBB-'; Outlook Stable", dated 11 July 2025
Oil India Limited - "Fitch Affirms Oil India Limited at 'BBB-'; Outlook Stable", dated 29 April 2025
Petroliam Nasional Berhad (PETRONAS) - "Fitch Affirms Malaysia's PETRONAS at 'BBB+'; Outlook Stable", dated 8 December 2025
PT Medco Energi Internasional Tbk - "Fitch Rates Medco Energi's Proposed Notes 'BB-'", dated 5 May 2025
PT Pertamina (Persero) - "Fitch Affirms Indonesia's Pertamina at 'BBB'; Outlook Stable", dated 14 May 2025
PT Pertamina Hulu Energi - "Fitch Rates Pertamina Hulu Energi's MTN Programme and Proposed Notes 'BBB'", dated 4 May 2025
Santos Limited - "Fitch Affirms Santos Limited at 'BBB'; Outlook Stable", dated 5 June 2025
Peer Analysis
Refer to each issuer's press release.
Fitch’s Key Rating-Case Assumptions
Refer to each issuer's press release.
Corporate Rating Tool Inputs and Scores
Bharat Petroleum Corporation Limited
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb, higher), financial structure (bbb, moderate), and financial flexibility (a-, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast financial year ending March 2026, 30% for the forecast financial year ending March 2027 and 40% for the forecast financial year ending March 2028.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb+' results in no adjustment.
- The SCP is 'bb+'.
To derive the Long-Term IDR:
- Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach.
Binh Son Refining and Petrochemical Joint Stock Company
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (bb-, moderate), market and competitive positioning (bb-, higher), diversification and asset quality (b, moderate), company operational characteristics (bb-, moderate), profitability (b+, moderate), financial structure (bb-, moderate), and financial flexibility (bbb-, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb' results in no adjustment.
- The SCP is 'bb-'.
To derive the Long-Term IDR:
- Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach.
Hindustan Petroleum Corporate Limited
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb-, higher), financial structure (b+, moderate), and financial flexibility (bbb+, moderate).
- Assessments of the quantitative financial subfactors include bespoke calculations.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb+' results in no adjustment.
- The SCP is 'bb'.
To derive the Long-Term IDR:
- Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach.
HPCL-Mittal Energy Limited
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb+, moderate), market and competitive positioning (bb+, moderate), diversification and asset quality (bb+, higher), company operational characteristics (bbb+, moderate), profitability (bbb-, moderate), financial structure (b, higher), and financial flexibility (bb-, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast financial year ending March 2026, 30% for the forecast financial year ending March 2027 and 40% for the forecast financial year ending March 2028.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb+' results in no adjustment.
- The SCP is 'bb-'.
To derive the Long-Term IDR:
- Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom-up +2 approach.
Indian Oil Corporation Ltd
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb, higher), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb-, higher), financial structure (bb-, moderate), and financial flexibility (bbb+, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast financial year ending March 2026, 30% for the forecast financial year ending March 2027 and 40% for the forecast financial year ending March 2028.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb+' results in no adjustment.
- The SCP is 'bb+'.
To derive the Long-Term IDR:
- Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach.
Karoon Energy Limited
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (bb+, moderate), market and competitive positioning (b-, higher), diversification and asset quality (b, moderate), company operational characteristics (b, higher), profitability (b, moderate), financial structure (aa, lower), and financial flexibility (bb+, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027.
- 'B+' to 'CC' considerations apply in our analysis and result in no adjustment.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bbb' results in no adjustment.
- The SCP is 'b'.
To derive the Long-Term IDR:
- Fitch made no adjustments to the SCP, resulting in an IDR of 'B'.
Oil and Natural Gas Corporation Limited
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (a-, moderate), diversification and asset quality (bbb+, higher), company operational characteristics (aa, moderate), profitability (bbb+, moderate), financial structure (bbb+, higher), and financial flexibility (bbb, moderate).
- The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year ended March 2025, 40% for the forecast financial year ending March 2026 and 40% for the forecast financial year ending March 2027.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb+' results in an adjustment of -1 notch.
- The SCP is 'bbb'.
To derive the Long-Term IDR:
- Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach.
Oil India Limited
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bb+, moderate), diversification and asset quality (bb+, higher), company operational characteristics (bb, moderate), profitability (bb-, moderate), financial structure (bb, higher), and financial flexibility (bbb, moderate).
- The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year ended March 2025, 40% for the forecast financial year ending March 2026 and 40% for the forecast financial year ending March 2027.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'bb+' results in no adjustment.
- The SCP is 'bb+'.
To derive the Long-Term IDR:
- Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach.
Petroliam Nasional Berhad (PETRONAS)
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (a+, moderate), diversification and asset quality (aa-, higher), company operational characteristics (aa, moderate), profitability (a+, moderate), financial structure (aa+, moderate), and financial flexibility (aa, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026.
- The governance assessment of 'Good' results in no adjustment.
- The operating environment assessment of 'a-' results in no adjustment.
- The SCP is 'aa-'.
To derive the Long-Term IDR:
- Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach.
PT Medco Energi Internasional Tbk
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (bbb, lower), market and competitive positioning (bb, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bb-, higher), profitability (bb, moderate), financial structure (bb-, moderate), and financial flexibility (bb-, moderate).
- The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026.
- The governance assessment of 'Good' results in no adjustment.
- The operating environment assessment of 'bbb-' results in no adjustment.
- The SCP is 'bb-'.
To derive the Long-Term IDR:
- Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'.
PT Pertamina (Persero)
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb-, moderate), company operational characteristics (bbb+, moderate), profitability (bbb+, moderate), financial structure (bb+, higher), and financial flexibility (bbb+, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026 and 70% for the forecast year 2027.
- The governance assessment of 'Good' results in no adjustment.
- The operating environment assessment of 'bbb-' results in no adjustment.
- The SCP is 'bbb-'.
To derive the Long-Term IDR:
- Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach.
PT Pertamina Hulu Energi (PHE)
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bbb+, higher), profitability (bbb, moderate), financial structure (a-, lower), and financial flexibility (bbb, moderate).
- The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026 and 70% for the forecast year 2027.
- The governance assessment of 'Good' results in no adjustment.
- The operating environment assessment of 'bb+' results in no adjustment.
- The SCP is 'bbb'.
To derive the Long-Term IDR:
- Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for both parent and subsidiary.
Santos Limited
Fitch scored the issuer as follows, using our CRT to produce the SCP:
- Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, higher), diversification and asset quality (bbb, higher), company operational characteristics (bb, moderate), profitability (bbb, moderate), financial structure (a-, moderate), and financial flexibility (a-, moderate).
- The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026.
- The governance impact assessment of 'Good' results in no adjustment.
- The operating environment impact assessment of 'a+' results in no adjustment.
- The SCP is 'bbb'.
To derive the Long-Term IDR:
- Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. (ends)