Moody's upgrades Vedanta notes to B3

Moody's Investors Service said it upgraded Vedanta Resources Ltd.'s senior unsecured notes and those issued by its wholly owned subsidiary, Vedanta Resources Finance II plc and guaranteed by VRL to B3 from Caa1. Moody's also changed the outlook to stable from negative.

Concurrently, the agency affirmed VRL’s B32 corporate family rating.

"The affirmation of the CFR and the change in outlook to stable reflect VRL's improving financial metrics because of firm commodity prices and its cost-competitive operations. These factors and the company's progress in simplifying its complex organization structure will reduce cash leakage and help to sustainably lower leverage, such that its consolidated debt/EBITDA is less than 3x by March 2022," said Kaustubh Chaubal, a Moody's vice president and senior credit officer, in a press release.

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