Moody’s Investors Service on Tuesday placed Vedanta Resources Limited’s rating under review for downgrade following its failure to delist the Indian listed subsidiary.
Moody’s placed the London-based firm’s B1 corporate family rating (CFR) under review for downgrade. The same action was also initiated for the B3 ratings on the senior unsecured bonds issued by Vedanta and those by its wholly-owned subsidiary Vedanta Resources Finance II Plc, and guaranteed by Vedanta, affecting $4.2 billion in outstanding debt.
“The ratings outlook was changed to ratings under review from negative,” Moody’s said in a statement.
