Wednesday, February 2 2005 22:41 Hrs (IST) - World Time -

New Delhi: Global rating agency Standard & Poor's today (Feb 2, 2005) raised the foreign currency ratings of Reliance Industries, IOC, SBI, ICICI Bank, NTPC and other corporates that have raised foreign debts.

The debt issues of Reliance, Indian Oil Corporation (IOC), National Thermal Power Corporation (NTPC), National Hydro Power Corporation, Tata Power and Indian Railway Finance Corporation have been raised to 'BB+' from the previous rating of 'BB' following the upgrade in rating of the country as a whole.

The outlook for these companies are "stable", S&P said in a release.

Similarly, the long-term ratings of State Bank of India and ICICI Bank have been raised to 'BB+' from 'BB'.

The short-term foreign currency 'B' ratings on SBI and ICICI Bank were retained. The outlook on both banks is "stable".

While SBI's debt worth $ 1,400 million was upgraded from 'BB' to 'BB+', the rating on one of its debt worth one billion dollar was raised to 'BB' from 'BB-'.

ICICI Bank's debt worth $1,750 million was upgraded to 'BB+' from 'BB', the rating on one of its debt worth one billion dollar was raised to 'BB' from 'BB-'.

S&P also raised the long-term foreign currency rating on the Export-Import Bank of India, a 100 per cent state-owned entity, by one notch to 'BB+' in line with the upgrade on the sovereign credit rating.

The rating upgrade reflects India's improved external position, supported by its reserves accumulation and prudent debt management, and its stable economic growth prospects.