Fitch affirms Reliance Industries

Fitch Ratings said it affirmed Reliance Industries Ltd.'s BBB- long-term foreign- and local-currency issuer default ratings, AAA(ind) national long-term rating and the AAA(ind) rating to its Rs.130 billion non-convertible debenture program.

The outlook is stable.

The ratings reflect the company's efficient refining operations and its dominant position in the Indian petrochemicals sector, Fitch said.

They also consider the company's scale of operations in key product lines and its record of moderate financial leverage, the agency said, supported by robust cash generation from core businesses.

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