Reliance Industries Ltd (RIL) has enjoyed an improvement of one notch in its long-term corporate credit rating by global rating agency Standard & Poor's (S&P).

S&P on Wednesday announced that it had upgraded RIL's long-term corporate credit rating from `BBB' to an investment grade rating of `BBB+'.

Andrew Wong, credit analyst at the rating agency, said it upgraded the company's credit rating due the company's greater clarity in strategy and improved competitive position.

Speaking on the topic, Wong said, "We have upgraded RIL, because we believe that the company's strategy to grow organically will strengthen its competitive position, and support its profitability."

Wong added that the company's explanation of its growth strategy removed the uncertainty regarding its use of its high cash balance.

However, the global rating agency maintained a negative outlook on the company's stock.

Currently, RIL has cash worth Rs 82,000 crore on its books, and it has plans to spend more than $30 billion over the next three years to expand its core businesses like refining and petrochemicals.