Moody's affirms Reliance Industries

Moody's Investors Service said it affirmed the Baa2 issuer and senior unsecured rating of Reliance Industries Ltd. with stable outlook.

The rating reflects the company's well-established and integrated production facilities and its globally competitive refining operations, which command higher margins relative to many of its competitors, Moody's said. The rating also recognizes its moderate financial leverage and its substantial operating cash flow generation, the agency said.

The ratings also consider the bank's sizable expansionary plan, which requires high capital investment increases execution risk, the agency said, and its exposure to single-site complex.

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