Reliance Industries’ FC IDR reflects robust external debt service ratio

Fitch Ratings has said the upgrade of Reliance Industries Ltd’s (RIL’s) long-term foreign-currency (FC) issuer default rating (IDR) to BBB in June — a notch above India’s country ceiling of BBB-minus — reflects expectation that RIL’s hard-currency (HC) external debt-service ratio will remain above 1.0x over the next 12 months. Also, Fitch expects RIL’s deleveraging […]