Vedanta shares in focus after Moody's upgrades Vedanta Resources' corporate family rating to B2
Vedanta Ltd. shares will be in focus on Thursday after Moody's Ratings said it has upgraded the corporate family rating of Vedanta Resources Ltd (VRL) following its successful liability management exercises. The rating agency has upgraded the corporate family rating of the company from B3 to B2. Moody's has also upgraded the rating on the senior unsecured bonds issued by Vedanta Resources to B3 from Caa1.
«The rating upgrade follows VRL's successful liabilities management exercises, with the company raising USD 800 million in its second bond issuance since September 2024,» Nidhi Dhruv, Moody's Ratings Vice President and Senior Credit Officer said.
Moody's said that it has maintained a stable outlook on the entities.
«The bond issuances in quick succession solidify Vedanta's access to capital markets as well as growing investor confidence in the company,» Dhruv said.
UK-based Vedanta Resources, the parent of mining major Vedanta, on Tuesday said it has raised USD 800 million from global investors through a new bond issue. The proceeds will be used to prepay the company's outstanding debt due in 2028.
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