Moody’s cuts Vedanta’s parent ratings


Moody’s Investors Service has downgraded the corporate family rating of Vedanta Resources Limited to B2 from B1 citing persistent weak liquidity and high refinancing needs.

Moody’s has also downgraded the ratings on the senior unsecured bonds issued by Vedanta Resources and those issued by Vedanta Resources Finance II Plc. and guaranteed by VRL to Caa1 from B3.

“The downgrade primarily reflects the holding company VRL’s persistently weak liquidity and high refinancing needs amid growing signs of an aggres sive risk appetite, with implications for financial strategy and risk management, said Kaustubh Chaubal, a Moody’s vice-president.

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