S&P upgrades Vedanta Resources rating on improving capital structure
S&P Global Ratings on Thursday said it has upgraded the rating of mining conglomerate Vedanta Resources Ltd to 'B' from 'CCC+' on improving capital structure and liquidity.
"We believe Vedanta Resources Ltd has sufficient internal resources to meet debt maturities until December 2025, following recent funds raised and improved dividend capacity at its subsidiaries," S&P said in a statement.
The company, which is the parent firm of Mumbai-listed Vedanta Ltd, has adequate internal funds to meet USD 1.4 billion of debt maturities due by the end of 2025.
S&P Ratings gave a stable outlook on Vedanta's rating.
"We raised our long-term issuer credit rating on Vedanta Resources as well as the issue ratings on its senior unsecured bonds to 'B-' from 'CCC+'," it said.
"The stable outlook reflects our view that the company will proactively address the maturity of USD 1.2 billion of debt in April 2026, with clarity over these plans by early 2025."
The company raised about USD 500 ...