Moody's affirms Vedanta

Moody's Investors Service said it affirmed its corporate family rating of Vedanta Resources plc at Ba1 and its senior unsecured rating of Ba3.

The outlook is negative.

Moody's said the affirmation follows the company's announcement regarding the restructuring of its businesses to bring all its Indian-centric operations under a single, listed holding company.

The new Indian company, to be called Sesa-Sterlite, represents a merger of Sesa Goa with Sterlite Industries while retaining, respectively, the iron ore and copper smelting activities as operating divisions in the new company, according to the agency.

At the same time, Vedanta Resources' interests in the recently acquired Cairn India and in Vedanta Aluminium will be subsumed into the new holding company structure, Moody's said.

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