S&P says sizable investments by RIL are a risk to its underlying view on the company.
Reliance Industries deleveraging set to continue: S&P ANI | Updated: May 06, 2021 11:19 IST
RIL s deleveraging over the past 12 months was driven by sizable asset monetisation and equity raising. The conglomerate recognised a cash inflow of Rs 2.2 lakh crore during fiscal 2021 (year ended March 31) which lowered S&P s computation of reported net debt by about 70 pr cent to Rs 54,000 crore.
The reduction in debt was despite RIL having negative free cash flows of about Rs 86,000 crore during the year.
S&P said it cannot rule out further asset monetisation by RIL over the next 12 to 24 months. The company is in the process of spinning off its oil-to-chemicals segment into a wholly-owned subsidiary.
Singapore, April 29 (ANI): S&P Global Ratings on Thursday downgraded Future Retail to selective default (SD) on restructuring of onshore debt but kept the issue rating at CCC-minus.
A-Pac financial institutions Covid recovery to be long and laborious: S&P ANI | Updated: Apr 22, 2021 13:51 IST
Melbourne [Australia], April 22 (ANI): Credit conditions have improved for Asia Pacific banks over the past quarter but the pandemic has set back finances of households and corporates with deeply negative effects on lenders, S&P Global Ratings said on Thursday.
Economies are recovering smartly, countries are rolling out vaccinations and regional financing circumstances remain supportive. And yet, the pandemic has so seriously set back the finances of households and corporates with deeply negative effects on lenders that banks may need years to fully recover, it said in report titled Asia Pacific Financial Institutions Monitor 2Q 2021: Views From The Bottom Of The U.
Singapore, April 21 (ANI): Energy transition is firmly underway in Asia-Pacific (APAC) but the pace and degree varies across markets, S&P Global Ratings has said in a new study.
Funding availability missing for South and Southeast Asian companies: S&P ANI | Updated: Apr 14, 2021 15:23 IST
That is despite a broad-based recovery in GDP growth and profit growth for the corporate sector in the region, it said in a report.
Optimism is returning to South and Southeast Asia. S&P Global Ratings recently estimated that GDP growth in India will reach 11 per cent for the year ended March 31, 2022 compared with an 8 per cent decline for the year ended March 31.
Average GDP growth in Southeast Asia will reach 6.2 per cent in 2021 compared with a 4.3 per cent drop in 2020. S&P also projects a 5 to 15 per cent increase in EBITDA for rated companies in the region in 2021 over 2020, with profits growing year on year for nearly 90 per cent of them.