Moody’s downgrades Vedanta

Moody’s Investors Service said it downgraded Vedanta Resources plc’s corporate family rating to Ba2 from Ba1.

Moody’s also said it downgraded the company’s senior unsecured ratings to B1 from Ba3.

The outlook remains negative.

The company’s operating performance is expected to remain weak against the backdrop of persistently weak commodity prices, Moody’s said.

Despite management’s best efforts in raising production – particularly for aluminum, copper and zinc in India – weak prices and narrowing premiums led to the severe drop in EBITDA, the agency said.

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