Reliance Industries Ltd.

Global ratings agency Moody’s has lowered the credit outlook on Reliance Industries (RIL) to ‘stable’ from ‘positive’ but retained the Baa2 ratings to its long-term debt.

The agency said that the country’s richest and most profitable company will see large cash outflow over the next 18 months towards paying back its creditors for the billions of dollars of capex it had incurred on telecom business as well refining and petrochemical expansions in the past few years.

RIL 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.