We believe Reliance Industries Ltd. will continue to generate strong cash flow to fund its growth ambitions in traditional businesses as well as in new areas such as data centers and renewable energy. The group's recent listing of its digital services subsidiary, Jio Platforms Ltd., will improve its funding and financial flexibility. We affirmed our'A-'long-term issuer credit rating on Reliance Industries and long-term issue ratings on the company's senior unsecured notes. The stable rating outlook on the India-based conglomerate reflects our expectation that the company will maintain its above-industry growth rates in digital services and generate robust cash flow to support its elevated capital spending over the next 24 months. Reliance Industries'earnings will expand on elevated refining
