Singapore: Moody's Investors Service on Thursday affirmed Reliance Industries Ltd's (RIL's) Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating.
At the same time, Moody's affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the dollar-denominated bonds issued by Reliance Holding USA Inc with a guarantee from RIL. The outlook on the ratings above is stable.
"The ratings affirmation reflects the significant improvement in RIL's scale and business mix over the last two years, as it reaps the benefits from its investments over the last five years in its hydrocarbon and consumer businesses," said Moody's Senior Vice President Vikas Halan.
"The affirmation also incorporates our expectation that RIL's credit metrics will remain appropriate for its Baa2 ratings over the next 12 to 18 months, he added.
