Moody’s changes Vedanta view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed Vedanta Resources Ltd.’s B1 corporate family rating and the B3 rating on the company’s senior unsecured bonds.

Moody’s also confirmed the B3 rating on the senior unsecured bonds issued by the company’s wholly-owned subsidiary, Vedanta Resources Finance II plc, and guaranteed by Vedanta. This concludes the rating review started on March 24, the agency said.

“The negative outlook reflects Moody’s view that Vedanta’s operating and financial metrics will remain sensitive to movements in commodity prices that are exposed to further downside risk. The negative outlook also reflects the acute refinancing risk associated with the company’s large debt maturities,” Moody’s said in a press release.

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