"The revision in the ratings of Reliance Capital factors in extension of timeline for progress of planned divestments in various companies leading to depletion of liquidity and increasing refinancing risk," CARE Ratings noted. Accordingly, the ratings of Reliance Capital's instruments remain under 'credit watch with developing implications,' and CARE would closely monitor the progress of sale of group assets in accordance with the timelines stated by Reliance Capital in an effort to reduce its debt levels.