Standard and Poor’s (S&P) Global Ratings has downgraded Vedanta Resources Ltd’s long-term issuer rating and bonds from “CCC” to “CC” due to a potential distressed transaction involving the extension of the maturities of three dollar-denominated bonds totaling $3.2 billion. The move reflects the vulnerability of Vedanta Resources in this context. The company’s proposed liability management exercise involves addressing bond maturities using a combination of cash and new bonds. The ratings remain on CreditWatch with negative implications, and S&P may downgrade Vedanta Resources to ‘SD’ (selective default) if the transaction is completed.
Vedanta Resources Faces Downgrade as S&P Lowers Long-Term Rating and Bonds
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