Shortly after downgrading Vedanta Resources, S&P upgrades it

Shortly after downgrading Vedanta Resources, S&P upgrades it

Shortly after downgrading Vedanta Resources, S&P upgrades it

Rating agency Vedanta Resources' long-term issuer credit rating was upgraded to "CCC+" from "SD," or "selective default," meaning that the firm is now weak and has a good chance of meeting its financial obligations. Depend on circumstances.

Vedanta Resources, the London-based parent company of Indian miner Vedanta Ltd., was upgraded by S&P Global Ratings on Monday. The rating agency had previously predicted a downgrade for the company due to a recent debt restructuring, but it now cited a more "manageable" debt maturity profile. was deemed accountable.

Rating agency Vedanta Resources' long-term issuer credit rating was upgraded to "CCC+" from "SD," or "selective default," meaning that the firm is now weak and has a good chance of meeting its financial obligations. Depend on circumstances.

Vedanta Resources was rated by S&P three times in a row before; the most recent rating occurred on Friday when the company's decision to extend the maturities of three US dollar-denominated notes was referred to as a "distressed" transaction.

"The stable outlook on Vedanta Resources reflects the substantial odds that the company will meet its debt obligations in the next 12-15 months shortly after completing its liability management process," the rating agency indicated on Monday.

It increased its rating from "D" to "CCC+" on the company's existing bonds due January 2024, August 2024 as well as March 2025, whose maturities were extended.

On the company's April 2026 bond, it upgraded its rating from "CCC" to "CCC+".

According to S&P, Vedanta Resources' holding-company degree annual external debt maturities in 2025 and 2026 are expected to be about $900 million, as opposed to maturities of $2.5 billion to $3 billion in 2023–2024. is easier to control.

Vedanta Resources, which is struggling with $6.4 billion in outstanding debt, of which $4.5 billion is due by the fiscal year 2025, has been working to fortify its finances, notably by way of a recent debt restructure.

Anil Agarwal, the Group Chairman, has made many attempts to lower the company's debt, including a failed effort to go private in 2020 and a proposal to divide Vedanta into six entities.