Moody’s cuts Vedanta, debt

Moody's Investors Service said it downgraded Vedanta Resources plc's corporate family rating to B2 from Ba2 and its senior unsecured rating to Caa1 from B1.

The outlook is negative.

"The downgrade of Vedanta's ratings is driven by the low commodity price environment that will keep earnings improvement distant, and a slower correction in leverage metrics than initially anticipated," Moody's vice president and senior analyst Kaustubh Chaubal said in a news release.

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