Credit rating agency Fitch India has affirmed AAA(ind) rating, indicating lowest expectation of credit risk, of Reliance Industries Ltd, following the announcement of audited results for the year ended March 31, 2002.
The rating outlook is stable, Fitch Ratings India said in a media release.
"The AAA(ind) ratings indicate the lowest expectation of credit risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity (of RIL) is unlikely to be adversely affected by foreseeable events," it said.
The rating affirmation recognises the global scale and efficiencies of RIL's operations in its businesses, including refinery, polymers and polyesters. RIL also holds a controlling stake in BSES and IPCL.
RIL dominates the Indian polymers and polyesters business with market shares in excess of 50 per cent. "RIL is expected to benefit significantly from the current upturn in petrochemical margins as a consequence of cracker utilization rates nearing 90 per cent," Fitch said.
The company had de-bottlenecked its Jamnagar refinery to 30 million tonne per annum and is in the process of setting up 1,500 retail outlets at a capital outlay of Rs 3,000 crore (Rs 30 billion).
"The successful execution of this strategy, including the logistics of supplying these outlets, is a critical step for the refinery's operations," it said.
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