Revision in Outlook to Credit Rating

Sub.: Revision in Outlook to Credit Rating of GAIL by Fitch Ratings, Singapore

This is to inform you that Fitch Ratings, Singapore on 22^nd June 2020 has informed that they have revised the outlook on the Long-Term Issuer Default Ratings (IDR) of GAIL (India) Limited from "stable" to "negative". However GAIL's Long Term IDR is affirmed at "BBB -"

The revision in the outlook to the rating was done as Fitch Ratings has revised the outlook of various Government Related Entities (GREs) from stable to negative including that of GAIL.

This revision in the outlook to the rating is in line with the revision in the outlook of India's Sovereign Rating from BBB- with stable outlook to BBB- with negative outlook carried out on 18^th June, 2020 by Fitch Ratings. The ratings of GREs are closely linked with the Sovereign Rating of India.