S&P downgrades Vedanta Resources’ rating to ‘CC’ amid bond maturity extensions
Global rating agency S&P Global, which sees rising risks of a “conventional payment default’’, has downgraded Vedanta Resources.
Vedanta Resources is the parent of Vedanta Ltd, the diversified domestic firm in the midst of a mega restructuring.
The downgrade by S&P came even as VRL announced that it has secured a $1.25-billion loan from private credit lenders to refinance or repay part of the $3.2 billion debt maturing in 2024 and 2025.
