Reliance Industries has received 'BBB' long-term issue rating for its proposed US-dollar-denominated senior unsecured perpetual notes from Standard & Poor's ratings services. The notes will rank equally with all the company's other present and future unsecured and unsubordinated obligations.
The company intends to use the proceeds to fund its ongoing capital expenditure in the exploration and refining sector in India.
The company has received the said rating on the back of its large cash surplus to protect its financial strength against any potential deterioration in operating conditions.