Reliance Infrastructure Limited has informed the Exchange about Credit Rating

India Ratings upgraded Reliance Infrastructure's credit rating from 'IND D' (default) to 'IND B/Stable/IND A4', a three-notch jump that ends a six-year stretch at the default rating level. The upgrade applies to non-fund-based working capital limits of about INR 18,602 million across banks like Yes Bank, Canara Bank, SBI, and others. The improvement is driven by sharp deleveraging — standalone debt fell from INR 30.6 billion in FY24 to INR 4.7 billion in FY25, funded largely by a INR 30.1 billion warrant issuance (INR 7.5 billion received in FY25, INR 2.25 billion in Q1FY26). The company also settled legacy obligations of subsidiaries, including a final payment via JR Toll Road. Plans are in place to raise another INR 60 billion via FCCBs and a QIP. However, weak financial metrics persist — negative EBITDA, five straight years of net losses, and exposure to ongoing arbitration claims worth over INR 12 billion.