A possible settlement of Reliance Industries' ownership differences between the Ambani brothers is unlikely to have an immediate impact on the company's rating, Standard and Poor's (S&P), a pre-eminent provider of credit ratings, said Friday.

It was earlier reported that the broad framework to settle the row between Reliance Industries Limited (RIL) chairman Mukesh Ambani, and younger brother and vice chairman Anil Ambani, would be formalised within the next six months.

According to S&P, if the settlement entails a carving out and transferring of the group's telecom business, along with the power and energy business, then this will not harm Reliance Industries' financial profiles.

"Reliance's financial profiles could weaken materially if the settlement involves substantial cash payments, resulting in increased financial leverage, or a transfer of any of its core oil refining and petrochemicals businesses," S&P reported.

"RIL reported revenues of $16.7 billion, and a profit of $1.7 billion in the fiscal year 2004-05, reflecting its superior business position in the refining and petrochemical segments," said the credit rating major.

"The outlook on the rating is stable, signifying that the rating on Reliance is unlikely to change with the exception of material adverse developments in the settlement between the chairman and vice chairman," it added.

Standard and Poor's also expects that the final settlement would balance the interests of all parties involved, including the lenders and shareholders, given Reliance's prominent position in India's private, corporate sector.