TEXT-Fitch:No immediate impact on Reliance Industries from India's otlk revision

(The following statement was released by the rating agency)

June 18 - Fitch Ratings sees no immediate impact on Reliance Industries Limited's (RIL) Issuer Default Ratings (IDRs) following the Outlook revision of India's Long-Term Foreign- and Local-Currency IDRs ('BBB-') to Negative from Stable. This is because RIL's FC IDR is constrained by India's Country Ceiling ('BBB-') and will be lowered if India's country ceiling is revised down in future.

Fitch currently has a Stable Outlook on RIL's Foreign-Currency IDR of 'BBB-' and a Positive Outlook on its Local Currency IDR of 'BBB'. Fitch will review the Positive Outlook on RIL's LC IDR when more clarity is available on the company's future investment strategy and its impact on the company's credit metrics and liquidity.

RIL is a vertically diversified oil and gas company, present in refining, petrochemicals and upstream (mostly natural gas presently) sectors. In FY12, RIL's consolidated revenue was INR3,585bn and EBITDAR was INR348.7bn. Exports accounted for 61% of RIL's FY12 standalone revenue. The company's credit profile is supported by the quality of its assets, its strong profitability and liquidity; the latter is supported by cash reserves of INR702.5bn on a standalone basis at 31 March 2012.

For further information on the change in Outlook on the Indian sovereign ratings, please refer to the rating action commentary, titled "Fitch Revises India's Outlook to Negative; Affirms at 'BBB-'", dated 18 June 2012.

For further information on RIL, please refer to the rating action commentary, titled "Fitch Affirms Reliance Industries at 'BBB-' ", dated 05 April 2012.