Reliance Infrastructure Limited — Credit Ratings, 11-07-2025: Credit Rating

India Ratings and Research has upgraded Reliance Infrastructure’s bank loan rating from ‘IND D’ to ‘IND B’ with a stable outlook, reflecting a significant improvement in the company’s credit profile after six years. This three-notch upgrade follows substantial deleveraging efforts, including a near-zero net debt position and timely servicing of standalone debt for three consecutive months. The company raised INR3010 Cr through warrants and plans to raise an additional INR6000 Cr via FCCBs and QIP, which should strengthen liquidity and support growth initiatives. Despite ongoing challenges like weak financial risk profile, contingent liabilities, and arbitration risks, the upgrade is likely to lower borrowing costs and enhance investor confidence, providing Reliance Infra with greater financial flexibility going forward.