Vedanta Resources terminates Moody's' services...
Vedanta Resources terminates Moody's' services...
London-based Vedanta Resources, which is the holding company of Vedanta Limited of India. It terminated moody's Rating services on Thursday. In fact, the company says that later it had downgraded the company's rating on debt concerns. Late thursday evening, Vedanta said: "Vedanta Resources Limited has announced that it has given notice to moody's Investor services to discontinue its rating engagement and to withdraw all outstanding ratings."On Tuesday, the holding company of billionaire Anil Agarwal's mining and resources empire courted controversy over moody's rating action through a strongly worded statement.In fact, moody's on monday downgraded the corporate family rating of Vedanta Resources from B2 to B3 and downgraded the rating of senior unsecured bonds from B3 to CAA1.The rating agency has cited concerns that Vedanta has yet to service its $900 million (Rs 7,450 crore) bond maturities in april and May 2023, against moody's expectations of securing funding by the end of October. Explaining the rationale for its rating, moody's had said that in addition to bond maturities of $900 million in Q1 FY24, Vedanta Resources has debt repayment of $830 million between october 2022 and march 2023. In all, Vedanta Resources will have to serve $3.8 billion. The 18-month period from october 2022 to march 2024 has foreign debt maturities, $450 million in intercompany debt and an annual interest bill of approximately $600 million.
London-based Vedanta Resources, which is the holding company of Vedanta Limited of India. It terminated moody's Rating services on Thursday. In fact, the company says that later it had downgraded the company's rating on debt concerns. Late thursday evening, Vedanta said: "Vedanta Resources Limited has announced that it has given notice to moody's Investor services to discontinue its rating engagement and to withdraw all outstanding ratings."On Tuesday, the holding company of billionaire Anil Agarwal's mining and resources empire courted controversy over moody's rating action through a strongly worded statement.In fact, moody's on monday downgraded the corporate family rating of Vedanta Resources from B2 to B3 and downgraded the rating of senior unsecured bonds from B3 to CAA1.The rating agency has cited concerns that Vedanta has yet to service its $900 million (Rs 7,450 crore) bond maturities in april and May 2023, against moody's expectations of securing funding by the end of October. Explaining the rationale for its rating, moody's had said that in addition to bond maturities of $900 million in Q1 FY24, Vedanta Resources has debt repayment of $830 million between october 2022 and march 2023. In all, Vedanta Resources will have to serve $3.8 billion. The 18-month period from october 2022 to march 2024 has foreign debt maturities, $450 million in intercompany debt and an annual interest bill of approximately $600 million.