Moody’s rates Vedanta notes B3

Moody's Investors Service said it assigned a B3 rating to the proposed senior unsecured notes to be issued by Vedanta Resources plc.

The proceeds will be used toward the retirement of the company's senior unsecured notes due in 2018 and 2019.

The proposed notes are rated at the same level as the company's existing senior unsecured notes, the agency said, and are two notches lower than Vedanta's B1 corporate family rating.

The outlook is stable.

The ratings reflect the company's large scale, diversified operations with a broad product portfolio spanning oil and gas, base metals and energy assets, along with its cost competitive and integrated operations, Moody’s said.

The company's commitment to reduce absolute debt levels, simplify its corporate structure and its good track record in implementing capacity expansions also support the ratings, the agency said.

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