Fitch lifts RIL’s rating a notch above India’s

Fitch Ratings has upgraded Reliance Industries Ltd.’s rating to ‘BBB,’ one notch above India’s sovereign rating, as RIL benefits from cash flow generation across diversified business segments and the

Fitch Ratings has upgraded Reliance Industries Ltd.’s rating to ‘BBB,’ one notch above India’s sovereign rating, as RIL benefits from cash flow generation across diversified business segments and the continuation of deleveraging. In a statement, Fitch said it had upgraded RIL’s long-term foreign-currency issuer default rating (IDR) to ‘BBB’ from ‘BBB-’, with a negative outlook. At the same time, the agency affirmed RIL’s long-term local-currency IDR at ‘BBB+’ with a stable outlook. The company has cut its foreign-currency borrowings outside India by 36% following prepayment of $7.8 billion in FY21.