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Vedanta Resources Ltd. was upgraded to CCC+ from SD by S&P. The ratings on Vedanta’s bonds involved in the recently concluded debt restructuring exercise were also raised. Its January 2024s, August 2024s and March 2025s were raised to CCC+ from D. Besides, the ratings on its April 2026s were raised to CCC+ from CCC. The upgrade comes due to alleviation of refinancing risks for Vedanta as a result of the completion of its liability management exercise. S&P believes that Vedanta’s external debt maturities of ~$900mn in FY2025 and FY2026 are more manageable and that it should be able to meet the deficits without immediate external funding. According to S&P, the funding access of Vedanta has weakened, but its plan to monetize assets at its subsidiary Vedanta Ltd. could be an important driver of further deleveraging. S&P has a stable outlook citing high prospects of the company meeting its debt obligations over the next 12-15 months.
Vedanta’s dollar bonds inched higher with its January 2024s trading at 93.6 cents on the dollar.