Fitch rates Vedanta notes BB

Fitch Ratings said it assigned Vedanta Resources plc's dollar-denominated senior notes an expected rating of BB.

The notes are expected to rank pari passu with Vedanta's other senior unsecured debt, which has BB ratings.

The proceeds will be used to fund the acquisition of Cairn India Ltd., Fitch said, or capital expenditure, debt repayment and other general corporate purposes if the acquisition does not close.

The company has an issuer default rating of BB+.

If the acquisition does not conclude and the transaction is reversed, there could be a positive impact on the issuer default rating, assuming that Vedanta's earlier business plan and strategy remain unchanged, the agency said.

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