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S&P Global Ratings on Monday upgraded Vedanta Resources' rating, citing reduced refinancing risks for the UK-based natural resources group. The rating agency raised Vedanta's parent company's rating to B+ from B with a stable outlook and removed it from credit watch. The rating agency said further upgrades would depend on sustainable cash flows and dividend generation at the group level. In January, Moody's had raised the company's rating, citing weak liquidity and refinancing risks.
S&P Global Ratings said in a statement, "We consider the refinancing of the $600 million 2026 bond to be almost certain. Refinancing of the 2026 bond will reduce liquidity pressure and reduce refinancing risk." Vedanta Resources has upgraded its rating in recent months after efforts to reduce its debt and improve its capital structure. Stock performance On Monday, Vedanta's stock closed down 3.96 per cent at Rs 422.50. In the last one year, the company's stock has seen a rise of 54.42 per cent.
