Moody's upgrades Reliance Industries's credit rating to Baa1 above India
Business
Big news for Reliance Industries: Moody's just bumped up its credit rating from Baa2 to Baa1, putting it two steps ahead of India's own rating.
This upgrade comes thanks to Moody's new way of looking at how a country's credit score affects companies.
Reliance Industries diversified operations $25B cash
Reliance scored this boost because of its strong and diverse business, from oil and chemicals to digital and retail, with more than a third of its revenue coming from exports.
Moody's also pointed out Reliance's solid financial health: $25 billion in cash, low debt, and smart money management that got it to net debt zero.
The outlook is stable too, so Reliance is expected to keep growing over the next couple of years.