Fitch Rating affirmed Reliance Industries' (RIL) long-term foreign currency issuer default rating at 'BBB-' and LT local currency IDR at 'BBB'.
In a statement, the agency said the outlook on the foreign currency issues default rating is stable while the same for local currency IDR is positive.
The rating agency feels that the company's earnings in 2014-15 may be strong because of a possible rise in the natural gas price. This would enable the firm to invest more in raising production.
In 2012-13, the company derived about 40 per cent of its revenue in the oil and gas exploration and production business from the eastern offshore KG-D6 fields.
The government is considering raising natural gas prices to $8-8.5 per million British thermal unit from current $4.2.
This re-pricing has met resistance from the user industries largely power and fertiliser as well as from the finance ministry. If upwardly revised, RIL's E&P revenues and profitability are expected to be significantly higher from 2014-15, when the price revision is due, the statement said.
The agency feels that RIL can maintain its strong credit metrics and liquidity without much deterioration given its strong internal cash generation and large cash balances.