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Reliance Industries Upgraded to A- by S&P
December 5, 2025
Reliance Industries and its senior unsecured debt were upgraded by a notch to A- from BBB+ by S&P. The upgrade reflects improved earnings quality driven by expansion into more stable consumer-facing businesses. S&P projects a meaningful shift in Reliance’s cashflow mix – its digital services and retail segments are expected to contribute ~60% of operating cashflow in FY2026, reducing its reliance on the more volatile hydrocarbons segment. Consolidated EBITDA is forecast to grow 12-14% in FY2026, supported by strong performance in Jio and retail, while energy-related earnings remain stable. It added that despite sizable annual capex through FY2027, earnings growth should keep leverage predictable. S&P continues to rate Reliance two notches above India’s sovereign, citing its strong balance sheet and meaningful USD-linked revenues. However, further rating upside is capped by India’s transfer and convertibility risk.
Its 2.875% 2032s were trading stable at 91.5, yielding 4.5%
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