Reliance Industries' ratings affirmed on news of IPCL merger - Fitch |
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Published
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Wed, 14 Mar 2007 07:54
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LONDON (AFX) - Fitch Ratings has affirmed India's Reliance Industries Ltd's ratings following the company's announcement that it will merge Indian Petrochemicals Corporation Limited (IPCL) with itself.The agency has affirmed Reliance's 'BBB-' (BBB minus) long-term foreign and local currency issuer default ratings as well as the 'AAA(ind)' national long-term issuer rating.Fitch also affirmed the 'AAA(ind)' rating of Reliance's 130 bln rupees non-convertible debenture programme. The outlook on the ratings is stable.The international ratings of Reliance Industries continue to remain constrained by India's country ceiling 'BBB-' (BBB minus) by a maximum of one notch, Fitch said.newsdesk@afxnews.comrba/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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India's Reliance Industries considers merger with IPCL 