...SINGAPORE (S&P Global Ratings) Oct. 12, 2016--S&P Global Ratings today said that its rating on Reliance Industries Ltd. (###+/Stable/--) is unaffected by the company's large spectrum purchase. We believe the company's energy brownfield and greenfield projects will soon start generating cash flows and support significant improvement in financial ratios. In the meantime, Reliance Industries will continue to have financial ratios weaker than our expectations for the rating in the fiscal year ending March 31, 2017. At Indian rupee (INR) 137 billion, Reliance Industries' spending on the spectrum purchase was much higher than we had anticipated. We therefore expect the company's ratio of debt to EBITDA to be marginally above 3.0x in fiscal 2017, compared with our earlier expectation of about 2.7x. The higher spending, we believe, reflects Reliance Industries' focus on meeting growth in data with adequate capacity and also the strong subscriber response to the launch of its Jio service in September...
