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6d ago

Reliance Infrastructure Secures Three-Notch Upgrade to IND B/Stable Rating

Following a sharp drop in standalone debt to near-zero coupled with consistent servicing, the board has approved a ₹60 billion capital raise.

Reliance Infrastructure achieves three-notch credit rating boost post debt reduction
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Overview

  • India Ratings and Research elevated the rating on ₹1,860.23 crore of non-fund-based working capital limits by three notches to IND B/Stable on July 11.
  • The agency withdrew ratings on several proposed fund-based limits that the company did not utilise.
  • Standalone debt was trimmed from over ₹3,060 crore in FY24 to ₹470 crore by March 2025 through ₹30.1 billion in warrant issuances and subsidiary settlements.
  • Reliance Infrastructure serviced its standalone debt obligations for three consecutive months through June 2025, underpinning improved credit metrics.
  • Despite the upgrade, the outlook remains cautious due to a weak financial risk profile, ongoing arbitration proceedings and contingent liabilities.