Moody's raises Vedanta Resources rating driven by efforts to access funding

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The rating agency has revised Vedanta's corporate family rating to B3 from Caa1, and also upgraded rating on senior unsecured bonds sold by VRL and VRL's wholly-owned arm Vedanta Resources Finance II Plc to Caa1 from Caa2.

Moody's Ratings on Friday said it has upgraded the ratings on bonds of Vedanta Resources Ltd (VRL) driven by the company's efforts to access funding.

VRL, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, has raised USD 300 million by exercising the tap option on the existing bond issue.

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Category: BusinessFinance

Markets: India

Topics: Vedanta Resources rating Markets Bonds Moody's Bond market

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-25 @ 20:00:38 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 264 words

Reading Time: 2 minutes read

Sentences: 9 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23241071

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