New Delhi: Rating agency Ind-Ra on Friday upgraded Reliance Infrastructure’s credit rating on its existing non-fund based working capital limits, reflecting its substantial deleveraging efforts, resulting in net zero debt with banks and financial institutions.
India Ratings and Research upgraded the credit rating from ‘IND D’ to ‘IND B / Stable / IND A4’. Additionally, the company said in a regulatory filing that Ind-Ra has withdrawn the ratings assigned to the earlier proposed fund-based and non-fund-based limits, which were not raised or availed by the company.
This upgrade represents a significant improvement of three notches in the company’s credit profile, achieved after six years at the IND D rating level, it stated. The upgrade also reflects the company’s substantial deleveraging efforts, resulting in net zero debt with banks and financial institutions, it stated.
The improvement in rating also reflects Reliance Infra’s timely servicing of standalone debt obligations for three consecutive months ended 30 June 2025. Regarding the guaranteed debt, it stated that the company has executed one-time settlement agreements with the lenders of its subsidiaries.