SINGAPORE (S&P Global Ratings) July 25, 2019--S&P Global Ratings said today that its ratings on Reliance Industries Ltd. (RIL; BBB+/Stable/--) and three series of guaranteed notes that are issued by RIL's wholly owned subsidiary Reliance Holding USA Inc. (RHUSA) are unaffected by the consent solicitation initiated by RHUSA from its noteholders. The terms of notes series will be changed as part of the proposed corporate reorganization to merge subsidiaries of RIL. After completion of the merger process, we believe RIL will become the issuer of the rated notes instead of currently being the guarantor. Under the reorganization plan, RHUSA will be rolled into Reliance Energy Generation and Distribution Ltd. (REGDL), and REGDL will be merged into RIL, upon receipt of
