...January 3, 2022 SINGAPORE (S&P Global Ratings) Jan. 4, 2022--S&P Global Ratings today assigned its '###+' long-term issue rating to the senior unsecured notes that Reliance Industries Ltd. (RIL; ###+/Stable/--) proposes to issue. RIL plans to use the proceeds to refinance outstanding borrowings, and for general corporate purposes. The rating reflects RIL's position as one of the largest and most complex refiners globally, while maintaining the biggest market share in the wireless telecom market in India. An additional factor is that a series of asset monetization has resulted in significant balance-sheet deleveraging. Our rating on RIL is therefore two notches higher than our long-term sovereign rating on India (###-/Stable/A-3). We rate the notes the same as the issuer credit rating on RIL because we see no significant subordination risk in its capital structure. RIL's priority ratio stands at around 20%, which is well below our threshold of 50%. As of March 31, 2021, RIL had Indian rupee...
