Moody''s keeps Reliance ratings review in abeyance
23 June 2005
London: Moody's Investor Service has announced that it would continue to review the 'Ba2' ratings of Reliance Industries Ltd for possible upgradation, pending developments related to corporate restructuring and possible financial settlement.
The developments were expected following the settlement of the ownership dispute in the group between the Ambani brothers.
In a statement, Moody's said the resolution of the family ownership issue was a key development, but its potential financial impact was uncertain. "RIL's fundamental operational and financial profile is strong for its current rating and the rating review for upgrade will await further details on the potential restructuring before concluding," the rating agency said.