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. Concurrently, Moody’s 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.

Moody’s changed the outlook to ratings under review from negative.

“The review follows an increase in refinancing risk and significant funding needs at the holding company level, following Vedanta Resources’ failure to acquire the balance shareholding in key subsidiary Vedanta Ltd. that would have improved access to group cash,” said Kaustubh Chaubal, a Moody’s vice president and senior credit officer, in a press release.

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