Moody’s cuts Vedanta Resources

Moody’s Investors Service said it downgraded the corporate family rating of Vedanta Resources Ltd. to B2 from B1. Moody’s also downgraded the ratings on the senior unsecured bonds issued by Vedanta and those issued by Vedanta Resources Finance II plc and guaranteed by Vedanta to Caa1 from B3.

All ratings remain under review for further downgrade.

“The downgrade primarily reflects the holding company VRL’s persistently weak liquidity and high refinancing needs amid growing signs of an aggressive risk appetite, with implications for the company’s financial strategy and risk management, a key component of our governance risk assessment framework,” said Kaustubh Chaubal a Moody’s vice president and senior credit officer, in a press release.

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