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Tuesday, Mar 12, 2002

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`AAA' rating for Reliance Industries

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NEW DELHI: Fitch Ratings India has affirmed the `AAA' debt rating of Reliance Industries Ltd (RIL) following the announcement of the merger of Reliance Petroleum Ltd with RIL.

The rating agency has put the `Ind AA +' debt rating of RPL on rating watch with positive implications. The `Ind AAA' rating indicates highest credit quality. The risk factors are negligible.

According to Fitch, the rating affirmation takes into account the positive impact of the merger through increased size and greater integration of operations. The combined RIL will be the largest private-sector company in India with annual cash accruals of over Rs 6,000 crore and having a leadership position and presence in the entire value chain from oil exploration to refining, polymers, polyesters and textiles.

The rating affirmation recognises the global scale and efficiencies of the combined RIL's operations in its businesses including refining, polymers and polyesters, the rating agency said.

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