Fitch Ratings has affirmed Reliance Industries' long term foreign currency and domestic currency issuer default rating at 'BBB-' and 'BBB', respectively with stable outlook.
"Fitch Ratings has affirmed India-based Reliance Industries Ltd's Long-Term Foreign-Currency Issuer Default Rating at 'BBB-', and its Long-Term Local-Currency IDR at 'BBB'.
The outlook on the ratings is stable," Fitch Ratings said in a statement.
According to the statement, RIL's ratings are supported by its strong business profile-a large-scale refinery with capacity of around 1.4 million barrels per day, and robust asset quality, which enables it to consistently deliver gross refining margins above regional benchmarks.
The company has a somewhat integrated business, with downstream petrochemical operations as well as upstream, together with strong operating cash flows and ample liquidity, it said.