Vedanta Resources’ dollar bonds dropped over 2 points after it terminated the credit rating services of Moody’s. The rating agency downgraded the company’s rating to B3 from B2 last week citing increased refinancing pressures as the company is yet to obtain funding for its bonds due April and May 2023. Vedanta on the other hand, disagreed by saying that Moody’s concerns were based on “unreasonable and subjective assessment” and that it was in a comfortable position to address all its debt maturities.

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