S&P ups Vedanta debt to BB+

Standard & Poor's said it raised its long-term foreign-currency corporate credit and senior unsecured debt ratings on Vedanta Resources plc to BB+ from BB following the upgrade of the sovereign credit rating on the Republic of India (BB+/stable/B). The outlook is stable.

Given that nearly all of Vedanta's mines and production facilities are located in India and 76% of sales are to Indian companies, S&P said the group's credit profile has benefited from the recent sovereign upgrade.

S&P said the ratings on Vedanta also continue to reflect the risks inherent in major production expansions and the relatively small size of the group's aluminum and copper activities.

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