Moody’s upgrades Vedanta’s senior unsecured notes; outlook ‘stable’

Moody’s Investors Service has said it has upgraded Vedanta’s senior unsecured notes to ‘B3’ from ‘Caa1’.

It has affirmed holding company Vedanta Resources Ltd’s (VRL) B2 corporate family rating, Moody’s Investors Service has said in a statement.

Moody’s has also changed the outlook on all ratings to ‘stable’ from ‘negative’.

“Moody’s has upgraded to ‘B3’ from ‘Caa1’, its rating on the senior unsecured notes issued by VRL and those issued by VRL’s wholly-owned subsidiary, Vedanta Resources Finance II Plc and guaranteed by VRL,” Moody’s Vice-President and Senior Credit Officer Kaustubh Chaubal said.