Reliance Industries Limited executed the largest-ever Samurai loan raised by an Indian corporate and completed three first-of-their-kind global financing deals in FY 2025-26, as the conglomerate strengthened its access to international capital markets following a credit rating upgrade by S&P Global Ratings. S&P upgraded Reliance's international debt rating to A- from BBB+ in December 2025, placing the company two notches above India's sovereign rating, citing the growing contribution of its consumer-facing businesses and improved earnings stability. The upgrade is expected to widen Reliance's access to overseas capital pools and lower borrowing costs. Moody's Ratings rates the company at Baa2, one notch above sovereign, while domestic agencies CRISIL, CARE Ratings, ICRA Limited and India Ratings and Research maintain AAA (Stable) ratings. According to the company's latest annual report, Reliance raised JPY 91.9 billion, or about USD 625 million, through a Samurai loan involving 10 Japanese and Taiwanese banks, marking the largest such financing by an Indian corporate and the third-largest by an Asian corporate overall. The proceeds were used to refinance maturing yen-denominated debt. The company also secured about USD 500 million equivalent in untied financing backed by Korea's export credit agency KSURE, becoming the first corporate globally to access the product.