...May 12, 2022 SINGAPORE (S&P Global Ratings) May 13, 2022--Reliance Industries Ltd. (RIL) can maintain its current credit quality, thanks to its sound operations and constrained spending plans. The company has maintained prudent investment policies, amid a series of asset monetization efforts over the past 24 months. All this supports the rating (###+/Stable/--). We estimate that the adjusted ratio of debt to EBITDA remained low at 1.7x in fiscal 2022 (ended March 31, 2022), compared with 1.6x in fiscal 2021 and 3.1x in fiscal 2020. In fiscal 2022, our computation of net debt increased to about Indian rupee (INR) 1.6 trillion from INR1.0 trillion in fiscal 2021, following Reliance Jio Infocomm Ltd.'s acquisition of new spectrums. We believe management remains committed to maintaining low leverage, even in light of additional investments, such as 5G spectrum auctions, investments into renewables, and inorganic growth efforts. We view the company's track record of sound credit quality as critical...
