Fitch Ratings on Thursday said it has upgraded Reliance Industries’ rating to ‘BBB+’ from ‘BBB’ as the company’s financial profile has improved following the sale of nearly a 25 per cent stake in Jio and a Rs 53,124-crore equity raise.
“Fitch Ratings has upgraded India-based RIL’s long-term local-currency issuer default rating (IDR) to ‘BBB+’ from ‘BBB’. The Outlook is Stable,” the ratings agency said in a statement.
At the same time, the agency has affirmed RIL’s long-term foreign-currency IDR at ‘BBB-’ with a stable outlook.
‘BBB’ ratings indicate that expectations of a default risk are currently low.
