CRISIL not to review RIL's ratings 'at this juncture'
Thursday, December 16 2004 21:58 Hrs (IST) - World Time
Mumbai:
Amid ongoing tussle between Ambani brothers on control of Reliance Group, rating agency CRISIL today (Dec 16, 2004) said no rating action was warranted against Reliance Industries, REL and IPCL, at this juncture but would review if there is any material impact on the business due to ownership and governance related issues.
"If there is a material impact on the business and growth strategies or management structure of these companies due to ownership and governance related issues, it will review its ratings," CRISIL said in a release in Mumbai.
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The rating agency said it has taken cognisance of the recent developments in RIL and Reliance Energy Ltd (REL) triggered by ownership issues facing the Reliance Group.
The agency has credit ratings outstanding on the debt instruments of three companies of the Reliance Group - RIL (AAA/stable/P1+), REL (AAA/stable/P+1) and Indian Petrochemicals Corporation (IPCL) (AA/FAA/stable/P1+).
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The agency said the ratings of these companies are primarily driven by their exceptionally strong business risk profile and their robust financial profiles.
All three companies have capable and experienced management teams with a proven track record in their core businesses and in running day-to-day operations, it said.
PTI
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