Fitch affirms Reliance

Fitch Ratings said it affirmed Reliance Industries Ltd.'s long-term foreign-currency issuer default rating at BBB-, long-term local-currency issuer default rating at BBB and national long-term rating at AAA(ind).

The outlook on the local-currency ratings was revised to positive from stable.

The outlooks on the foreign-currency ratings are stable.

Fitch also said it affirmed the company's Rs. 20 billion and Rs. 130 billion non-convertible debenture programs at AAA(ind).

The foreign-currency issuer default rating is constrained by the country ceiling, the agency said.

The outlook revision reflects the likelihood of the company's credit metrics strengthening further, subject to the closure of its proposed deal with BP plc and no major investment being announced, Fitch said.

The ratings continue to reflect its strong business profile in the oil and gas business with vertical diversification across the supply chain, efficient refining operations and dominant position in the Indian petrochemicals sector, the agency said.

The ratings also reflect the company's scale of operations in key product lines, record of robust cash flow from operations and strong liquidity position, Fitch said.

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