S&P changes Vedanta to positive

S&P said it revised its outlook on Vedanta Resources plc to positive from stable and affirmed its B foreign currency long-term corporate credit rating and the B long-term issue ratings on its guaranteed notes and loans.

"We revised the outlook to reflect our expectation that Vedanta Resources' operating performance will improve on higher metal prices and the company's continuing ramp-up of its aluminum operations," S&P credit analyst Mehul Sukkawala said in a news release.

The outlook revision also reflects the agency’s view that the company's financial flexibility will improve on better financial performance and the expected merger of Vedanta Ltd. and Cairn India Ltd. S&P believes this will help reduce refinancing risks for Vedanta Resources.

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