Reliance Industries Ltd.

Credit rating agency, Moody’s Investors Services has assigned ‘Baa2’ rating to proposed US dollar-bond issue of Reliance Industries (RIL). The global rating agency has pegged the rating outlook for these bonds as ‘stable’.

The company is expected to use the bond proceeds -- estimated at about $800 million -- for refinancing (replace high cost debts with a lower interest rate debt). Mukesh Ambani-controlled RIL has embarked on a massive debt refinancing exercise and is expected to raise $1.8 billion through both offshore bonds and syndicated loans.

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.