Fitch upgrades Reliance rating a notch above India’s sovereign rating

Fitch Ratings has upgraded Reliance Industries’ (RIL) rating to ‘BBB’ as it benefits from cash flow generation across diversified business segments and continuation of deleveraging. This puts RIL NSE -2.45 % one notch above India’s sovereign rating.

In a statement, Fitch said it has upgraded RIL’s long-term foreign-currency issuer default rating (IDR) to ‘BBB’, from ‘BBB-‘, with a negative outlook. At the same time, it has affirmed RIL’s long-term local-currency IDR at ‘BBB+’ with a stable outlook.