Reliance Industries Ltd. will continue to increase cash flow from less cyclical consumer-facing businesses, which will improve its earnings quality. The company's good competitive position across its businesses will further drive earnings and cash flow, which should cover heavy investments in key businesses. We raised our long-term issuer credit rating on Reliance Industries to 'A-' from 'BBB+'. At the same time, we raised our long-term issue ratings on the senior unsecured debt the company issued to 'A-' from 'BBB+'. The stable rating outlook reflects our view that the India-based conglomerate will maintain its leading market position in its key businesses, and its earnings will be sufficient to cover capital spending over the next 12-24 months. Rising earnings from the digital
