Fitch upgrades Reliance Industries' local-currency rating to A- stable outlook
Business
Fitch Ratings just bumped up Reliance Industries Ltd.'s (RIL) local-currency credit rating from BBB+ to A- with a stable outlook.
This basically means Fitch sees RIL's cash flow staying strong, helped by better profits and lower spending.
The agency also pointed out that RIL's consumer-facing businesses are making its finances even more stable.
RIL's foreign-currency rating remains BBB
RIL's foreign-currency rating is still at BBB, which is actually above India's own country ceiling.
Fitch says this is because RIL should have no trouble paying back its overseas debts in the next year, thanks to steady earnings from exports and offshore projects.