Fitch changes Reliance Industries view to positive

Fitch Ratings said it revised its outlook for Reliance Industries Ltd.’s long-term local-currency issuer default rating to positive from stable and affirmed the company’s BBB rating.

Fitch also affirmed Reliance’s long-term foreign-currency issuer default rating at BBB- with a stable outlook.

Fitch adjusted the outlook because of the potential for the company to deleverage more. Reliance said it will eliminate its net debt by the end of fiscal year 2021, and it plans to sell a 20% stake in its oil-to-chemical division to Saudi Arabian Oil Co.

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