22 January 2013 04:07 [Source: ICIS news]
SINGAPORE (ICIS)--Ratings firm Moody's Investors Service said on Tuesday that the outlook for its “Baa2” local currency issuer rating for Indian major Reliance Industries Ltd’s (RIL) remains positive following the company’s strong business performance in the nine months ended December last year.
“Moody's expects that RIL's integrated refining and petrochemical business, its strong liquidity, and its prudent and measured investment strategy will continue to support its ratings,” it said in a report.
“RIL's local currency rating could be upgraded, if the company manages to address some of the challenges in its upstream business, resulting in higher production along with market-linked pricing for its gas production,” Moody’s said.
RIL's revenue grew by 13% year on year to $51.7bn (€38.8bn) in the nine-month period ending 31 December 2012, according to Moody’s.
The company’s export revenue, which accounted for 63% of total sales during April-December last year, grew by 14.6% year on year to $32.7bn, it said.
"Higher selling prices across its refining, petrochemicals, and upstream exploration and production segments supported revenue growth," added Vikas Halan, a vice president and senior analyst at Moody's.
($1 = €0.75)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections