Standard & Poor's (S&P) Global Ratings has affirmed BBB-plus long-term corporate credit rating on Reliance Industries Ltd (RIL) with a stable outlook. The rating company has also affirmed BBB-plus long-term issuer credit rating on the company's outstanding debt. "The stable outlook reflects our expectation that RIL's strengthening cash flows amid disciplined spending will improve its debt-to-EBITDA ratio toward 2.0x over the next 12 to 24 months," said S&P.