Reliance Industries Ltd.'s (RIL) operating performance is likely to remain resilient over the next two years. The India-based company's growing presence in the digital and retail segments will temper softer earnings in the energy business. We believe RIL's expansion plans for the period are manageable. Capex will remain elevated, but lower than the levels of fiscal 2023 (ended March 31, 2023). We believe the company's leverage will remain at a level commensurate with the current rating. We are affirming our 'BBB+' long-term issuer credit rating on RIL. We are also affirming the issue rating on the company's senior unsecured debt. The stable rating outlook reflects our view that RIL's cash flows will help the company to preserve its financial profile,
