Moody's eyes Vedanta for downgrade

Moody's Investors Service said it placed Vedanta Resources Ltd.'s B1 corporate family rating under review for downgrade. Moody's also placed under review for downgrade the B3 ratings on the senior unsecured bonds issued by Vedanta and those issued by its wholly owned subsidiary, Vedanta Resources Finance II plc, and guaranteed by Vedanta. The agency changed the outlook to ratings under review from stable.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil price, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets.

The combined credit effects of these developments are unprecedented. Exploration and production and metals and mining are among the sectors most significantly affected by the shock given their sensitivity to consumer demand and sentiment, the agency said.

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