MUMBAI, May 29 (Reuters) - Ratings agency Standard & Poor'son Wednesday raised the long term corporate credit rating onIndia's Reliance Industries to "BBB-plus" from "BBB",with a "negative" outlook, it said in a statement.
"Reliance's articulation of its growth strategy removes theuncertainty regarding the company's use of its high cashbalance," Standard & Poor's Credit Analyst Andrew Wong said.
Reliance has outlined plans to spend about $30 billion overthe next few years, nearly 75 percent of this in its core energybusinesses of refining, petrochemical, and exploration andproduction (E&P).
The company held cash reserves of about $15 billion atMarch-end.
S&P said the negative outlook on Reliance reflected theoutlook on India's sovereign credit rating of "BBB-minus" with a"negative" outlook.
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