Fitch Ratings has revised the outlook on Reliance Industries (RIL) to positive from stable due to the company's potential to further deleverage following its announcement to eliminate its net debt by March 2021.
Fitch has revised the outlook on RIL's Long-Term Local-Currency issuer default rating (IDR) to Positive from Stable and has affirmed the rating at 'BBB'. At the same time, the agency has affirmed the Long-Term Foreign-Currency IDR at 'BBB-' with a Stable Outlook, as RIL's Foreign-Currency IDR is capped by India's (BBB-/Stable) Country Ceiling of 'BBB-'.
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.