Moody's downgrades Vedanta as bond rejig imminent
Mint Mumbai|January 10, 2024
Moody's downgraded the credit rating of Vedanta Resources Ltd (VRL), the London-based parent of Vedanta Ltd, as the company goes ahead with its bond restructuring exercise that will delay its immediate debt obligations. 
Nehal Chaliawala 
Moody's downgrades Vedanta as bond rejig imminent

The company's corporate family rating (CFR) was downgraded to Caa3 from Caa2.

Moody's also downgraded the rating of the company's bonds to Ca from Caa3. It has maintained a negative outlook on the new ratings.

"We view the debt restructuring as default avoidance and assess that the creditors have incurred an economic loss with respect to the original promise.

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