Mumbai, July 10: Crisil has assigned `AAA' rating to Reliance Industries (RIL) debentures and bonds aggregating Rs 105.6 billion and reaffirmed 'P1+' rating to RIL's Rs 1,600 crore short-term debt programme, even as it opined that the group's telecom business outlook 'remains uncertain'. The affirmations of RIL's instruments and debt programme continue to reflect its dominance in domestic petrochemicals industry and its strong competitive position in the oil refining business, Crisil said in a release on Wednesday.

RIL derives sustainable competitive advantage from its world-scale capacities, broad product portfolio, cost-efficient manufacturing facilities and highly integrated operations, the rating agency said.
These also translate into cash accruals (Rs 6,000 crore in fiscal 2003) and comfortable cash debt service coverage measures (interest cover of 5.7 times and cash debt service coverage ratio of 1.5 times in fiscal 2003), it added.
However, these are partly offset by the price volatality in RIL's both businesses, coupled with its absence in marketing petroleum products, where margins are expected to be stable than in pure refining. Bureau Report