ICRA upgrades Vedanta's long-term rating to AA on strong credit profile

Quick Summary:

The long-term rating upgrade considers an expected improvement in the company's credit metrics, following the successful fund-raising worth USD 1 billion by the company via a qualified institutional placement (QIP) in July and an additional USD 400 million generated from the offer for sale (OFS) of Hindustan Zinc Ltd in August, ICRA said.

Credit rating agency ICRA on Wednesday said that it has upgraded Vedanta Ltd's long-term credit rating, reflecting the company's strengthened credit profile.

This upgrade comes amidst significant developments at Vedanta Group that focuses on long-term strategic growth and financial strength.

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Category: BusinessFinance

Markets: India

Topics: ICRA Credit rating Vedanta ratings Vedanta long-term credit rating

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-04 @ 21:14:44 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 276 words

Reading Time: 2 minutes read

Sentences: 11 lines

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Copyright Owner: © Business Standard

News ID: 22367658

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