Moody's affirms Vedanta

Moody's Investors Service said it affirmed Vedanta Resources plc's corporate family rating at Ba1 and its senior unsecured rating at Ba3.

The outlook remains negative.

Moody's said Vedanta's ratings reflect its earnings generation underpinned by its acquisition of Cairn India Ltd. in December 2011 but are held back by the rapid deterioration in prospects for base metals and iron ore.

While capital investment can be slowed down to compensate for weaker operating cash flow, in such circumstances Vedanta's refinancing requirements over the next nine months have assumed greater significance, the agency said.

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