Moody's: Reliance unchanged

Moody's Investors Service said the Baa2 issuer ratings of Reliance Industries Ltd. remain unchanged following news of a tap bond offering on its existing $1 billion 5.4% 2022 notes issued by Reliance Holding USA, Inc., an indirect wholly-owned subsidiary of Reliance Industries.

The outlook remains stable.

The tap bond offering has the same terms and conditions as the existing notes. The proceeds will be used to fund business investments and for general corporate purposes.

The ratings reflect the well-established and integrated production facilities, strong market position and globally competitive refining operations, which command higher margins relative to many of its global competitors, Moody's said.

The ratings also recognize the company's moderate financial leverage, strong operating cash flow generation and excellent liquidity, the agency said.

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