The global trend is that oil companies are slowly moving into renewables.
It also considered options given to the company to make payment of pending adjusted gross revenue in instalments while revising the outlook.
According to Care’s chief economist Madan Sabnavis, the forecast was lowered under the assumption of there being no fiscal stimulus from the government.
'The transaction is credit positive as it will enable RIL to continue to pursue other growth opportunities while maintaining zero net debt,' Moody's said in a note.
'The transaction is credit positive because it will solidify its (RIL's) position as the largest organised retailer in India and further diversify its earnings,' the rating agency said in a note.
The Indian economy grew at the slowest pace in 11 years at 4.2 per cent in 2019-20.
PSBs, in turn, will need a substantial amount of external capital to absorb increased credit costs and support further credit growth.
Some Asian markets excluding China will benefit from the supply chain shifts, particularly as companies look to diversify their sources of supply, it noted.
Former Australia cricketer-turned-coach Tom Moody believes India "sabotaged" their 2019 World Cup campaign in England by creating uncertainties within the team.
Moody's projects Indian economy to shrink 3.1 per cent in 2020; flags rising geopolitical risks in Asia
While it pegged India's annual growth at 0.2 per cent in April, the forecast has been sharply revised after taking into consideration the disruptions due to the coronavirus pandemic.
Subramanian felt the country’s fundamentals demand a much better rating. 'India’s ability and willingness to repay debt is gold standard,' he said while making a case for ratings upgrade.
Subsequently, it also expects the government’s fiscal deficit to recede significantly following a multi-year high during the fiscal.
Companies that move from investment grade category to sub-investment grade are sometimes referred as 'Fallen Angels'.
Pressure has eased for Chinese toll roads, while a small number of utilities face moderate exposure, it said.
Moody's said the economic disruption caused by the coronavirus pandemic and the downgrade of the sovereign rating are the key drivers for Tuesday's rating actions.