S&P revises Vedanta view to negative

S&P said it revised its outlook on Vedanta Resources Ltd. to negative from stable and affirmed the B+ long-term foreign currency issuer credit rating on the India-based commodities producer and the B+ long-term issue rating on the various U.S. dollar-denominated senior unsecured notes the company issued.

“The negative outlook reflects the likelihood of a lower rating on Vedanta Resources over the next nine months if the company's operating performance does not improve more than we expect or and its high debt keeps FFO cash interest coverage sustainably below 1.75x,” S&P said in a news release.

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