Fitch upgrades Reliance Industries’ rating

New Delhi: Fitch Ratings on Thursday said it has upgraded Reliance Industries Ltd’s rating to ‘BBB+’ from ‘BBB’ as the company’s financial profile has improved following sale of nearly 25 per cent stake in Jio and Rs 53,124 crore equity raise.

“Fitch Ratings has upgraded India-based RIL’s long-term local-currency issuer default rating (IDR) to ‘BBB+’ from ‘BBB’. The Outlook is Stable,” the ratings agency said in a statement.

At the same time, the agency has affirmed RIL’s long-term foreign-currency IDR at ‘BBB-‘ with a stable outlook.