Moody's downgrades GAIL's long-term issuer rating
Global agency Moody’s Investors Service downgraded the long-term issuer rating of GAIL to ‘Baa3’ from ‘Baa2’, but assigned a ‘positive’ outlook' on the state-run gas firm. This followed the lowering of GAIL’s baseline credit assessment to ‘Baa3’ from ‘Baa2’, Moody’s said. This reflects the growth in GAIL's cyclical business segments, which have a much higher business risk, the agency added.