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S&P downgrades RIL, IOC credit outlook

Reliance Industries Ltd. | Refineries | Oil & Gas | BSE: 500325 | NSE: RELIANCE

01 Jan 2009 Evaluate

Reliance Industries (RIL), had its credit rating outlook downgraded by Standard & Poor’s as the company’s debt has increased and profits are likely to be lower due to lower demand for oil products and petrochemicals. The rating agency has also downgraded the credit rating of Indian Oil Corporation (IOC), the country’s largest crude oil refiner and fuel retailer, to ‘BB+’ from ‘BBB-’ on the company’s “weaker liquidity and lack of timely support” by the government.

RIL’s outlook was cut to “negative” from “stable”, but Standard & Poor’s retained its ‘BBB’ long-term corporate credit rating. An economic slowdown across the world has brought down demand for petroleum products. This has resulted in lower sales of fuels for RIL from its crude oil refinery, the third largest in the world, and petrochemicals from its plants in Gujarat. Profitability is expected to be adversely affected by lower fuel demand, especially in developed markets.

RIL’s gross refining margins fell to $13 per barrel in the quarter ended September, from $15 per barrel in the year ended March 2008. The rating agency projects refining margins to decline further to $9-10 a barrel in the near term. The rating agency said RIL's outlook could be restated to “stable” if evidence of improved leverage and resilience is seen.

IOC has reported Rs 7,047 crore losses during the September quarter. The rating action reflects the deterioration in the company's financial profile and liquidity position, and delays in adequate support from the government of India. The government issues bonds to state-owned fuel retailers to partly offset subsidized sale of products. The rating agency has lowered the company’s ratings to ‘BB+’ from ‘BBB-’, which is expected to make it more difficult for the company to raise funds from overseas. S&P has, however, kept its outlook on IOC stable.

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S&P downgrades RIL, IOC credit outlook

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