Moody's affirms Vedanta Resources

Moody's Investors Service said it affirmed the Ba1 senior unsecured bond rating for Vedanta Resources plc with a stable outlook.

The issuance of the $500 million of 8¾% notes due 2014 and the $750 million of 9½% notes due 2018 has been completed and the rating has been removed from its provisional status, the agency noted.

The bond proceeds will be used for capital expenditure, working capital, repayment of existing debt and other general corporate purposes, Moody's said it added.

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