S&P Global has affirmed its rating of oil-to-telecom conglomerate Reliance Industries, betting on the company's resilient operating performance for the next two years. The long-term issuer credit rating has been affirmed at BBB+. The issue rating on the company's senior unsecured debt has also been affirmed. The ratings come with a stable outlook, which reflects a view that RIL's cash flows will help preserve its financial profile, despite elevated investments over the next 24 months. The ratings agency believes earnings growth from digital and retail segments will temper the softness in O2C business, which is the mainstay for the company. "Earnings in the digital services segment will benefit from increasing data demand and resultant upgrades to higher-priced telecom plans. Meanwhile, new store openings and proliferation of e-commerce will support the retail business," S&P Global said.