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Fitch lowers Vedanta view to stable, rates bond BB
Fitch Ratings said it revised Vedanta Resources plc's outlook to stable from positive and affirmed its long-term issuer default rating at BB+.
The agency also said it affirmed the BB rating on the company's $1.25 billion senior unsecured bonds, $1.65 billion senior unsecured bonds and $180 million senior unsecured loan facility.
Fitch also assigned an expected rating of BB to its proposed bond issue.
The outlook revision reflects the impact of regulatory risks in the metals and mining industry, particularly in India, on the company's businesses, Fitch said.
The ban on iron-ore mining operations during 2013 impacted mines in Goa, causing EBITDA from iron ore mining business to decline to $84 million from $721 million in 2012, the agency said.
The company's copper operations in India also were impacted by the closure of a unit due to environmental concerns. The company has been facing challenges in obtaining clearance for its bauxite mining operations and also expanding its alumina processing facility in India, S&P said.
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