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MUMBAI: Rating agency S&P has downgraded Anil Agarwal‘s Vedanta Resources to ‘CC’, citing the company’s decision to extend the maturity of its international bonds as a ‘distressed exchange‘. The UK-incorporated Vedanta Resources, the parent company of India-listed Vedanta Limited, has been retained on credit watch with negative implications.
The rating agency had earlier downgraded the company to ‘CCC’ in September 2023 because of a likelihood that Vedanta Resources will go for extending the maturity of its bonds.S&P said that if Vedanta Resources did not proceed with the maturity extension transaction, there are rising risks of a payment default. TNN
The rating agency had earlier downgraded the company to ‘CCC’ in September 2023 because of a likelihood that Vedanta Resources will go for extending the maturity of its bonds.S&P said that if Vedanta Resources did not proceed with the maturity extension transaction, there are rising risks of a payment default. TNN
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