The two global rating agencies are expected to submit their report in September, top company officials said adding this would be IOC's first international rating.

Any company which has plans to mobilise long term funds from the international market has to get itself rated from a global credit rating agency so that the bonds issued by a particular company has adequate safety and more subscription. IOC also plans to mobilise long term funds from the interantional markets to fund its crude imports besides spot purchases of certain petroleum products, the officials said. The rating agency would keep a watch on the company every year and this would help IOC to go in the international market with adequate safety, they said.

Against an import bill of $9.3 billion during 1999-2000, the Corporation has estimated that its oil import bill for the current fiscal is likely to be to the tune of $7.5 billion, the officials said. IOC, slated for disinvestment of upto 10 per cent government equity during the current financial year, is also changing its accounting practices in accordance with Generally Accepted Accounting Practices (GAAP), the sources said. This would help the company to list its shares in the US markets if IOC intends to go for an American Depository Receipts (ADRs) as and when its shares are sold in overseas market, they said adding the company has already informed the Securities Exchange Commission (SEC) of US for changing its accounting system to GAAP. Officials said that the entire exercise was likely to be completed by the month end. IOC would require funds on a long term basis as it is planning to import a total of 38m tonnes of crude during the current financial year, they said.