Brickworks, a SEBI registered credit rating agency, has revised Reliance Capital Limited (RCL) rating to 'A+' for long-term debt program, market-linked debentures and subordinated debt of the company, said the firm in a statement on Saturday.
"Reliance Captial Limited long term rating by CARE stands at 'A' while its long-term rating by Brickworks stands at 'A+," said the company.
The company further claimed that RCL's short-term debt is only Rs 950 crore.
"ICRA's rating action limited to short-term debt and is completely unjustified and unwarranted and was completed arbitrarily with an illusory 'review' process," said the company.
RCL, a part of the Reliance Group, is one of India's leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth.
Reliance Capital has interests in asset management and mutual funds; life, health, and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.