Credit rating agency — Moody’s Investors Service has assigned ‘Baa2’ rating to the proposed USD-denominated senior unsecured bonds to be issued by Reliance Industries (RIL). The outlook on the rating is stable. The company plans to raise around $5 billion in foreign currency-denominated bonds. The company will use the bond proceeds for refinancing.
The company’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 expectation that its credit metrics will remain strongly positioned for its Baa2 rating, despite its planned investments in clean energy and other business segments.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.