Fitch affirms ratings of India's Reliance Industries; outlook stable |
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Published
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Fri, 02 Mar 2007 09:03
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LONDON (AFX) - Fitch Ratings said it has affirmed the 'BBB-'long-term foreign and local currency Issuer Default ratings and its 'AAA' national Long-term issuer rating of India's Reliance Industries Ltd.The rating agency also affirmed the 'AAA' rating of the company's 130 bln rupees non-convertible debenture programme. The outlook on the ratings is stable.Fitch said the ratings reflect Reliance Industries' operating efficiencies and comfortable capital structure, which is supported by robust cash generation from its core businesses.The rating agency said the the stable outlook reflects Fitch's expectation that the company's petrochemical and refining margins will remain strong despite some volatility.newsdesk@afxnews.comami/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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ACE ratings upgraded by Fitch 