Moody’s downgrades Vedanta Resources on debt refinancing concerns, company calls it unreasonable

Vedanta Resources Ltd, the London-based holding company of India-listed Vedanta Ltd, has disputed the latest rating action by Moody’s after the leading rating agency downgraded the corporate family rating (CFR) of Vedanta on debt concerns.

Moody’s on Monday downgraded the CFR of Vedanta Resources to B3 from B2 on concerns that the company has not yet found a source of funding to service its $900 million (~Rs 7,450 crore) bond maturities due in April and May 2023, against Moody’s expectations of securing the funding by the end of October.