...August 10, 2020 SINGAPORE (S&P Global Ratings) Aug. 10, 2020--S&P Global Ratings today said that Reliance Industries Ltd.'s (RIL; ###+/Stable/--) sizable proceeds from asset monetization over the past four months should significantly improve its credit quality. This is despite operations that are trending weaker than we anticipated for the fiscal year ending March 31, 2021. RIL's deleveraging could exceed our expectations, given the extent and magnitude of its asset monetization. The India-based conglomerate has amassed Indian rupee (INR) 2.1 trillion (around US$28 billion) in investment proceeds since Facebook announced its investment in RIL's Jio Platforms Ltd. (JPL) in April 2020. The proceeds include INR1.52 trillion investments into JPL, a INR531 billion rights issuance, and INR76 billion from BP PLC for the fuel retail joint venture. The developments suggest that RIL's adjusted debt could be less than INR1 trillion by the end of fiscal 2021. This is better than our base case, which...
