Moody’s Investors Service on Tuesday assigned a Baa2 rating to the proposed USD-denominated senior unsecured bonds of Reliance Industries Limited (RIL), with stable outlook.
Reliance last week said it will raise as much as USD 5 billion in foreign currency denominated bonds and use the proceeds to retire existing borrowings.
“RIL’s Baa2 ratings reflect the company’s large scale and dominant market position across its diverse businesses, its management’s strong execution track record and our expectation that its credit metrics will remain strongly positioned for its Baa2 rating, despite its planned investments in clean energy and other business segments,” Sweta Patodia, a Moody’s Analyst, said in the rating agency’s press statement.
