Credit rating agency, Moody’s Investors Service has upgraded London-based Vedanta Resources’ corporate family rating (CFR) and senior unsecured bond rating and placed a stable rating outlook for the company.
The upgrade of Vedanta’s ratings reflects the relatively benign operating environment and stabilizing commodity prices will aid in enhancing the company's EBITDA and cash flow generation.
The upgrade also reflects significant progress that the company has made in reducing absolute debt levels following the merger of its subsidiary Vedanta with the group’s oil and gas subsidiary Cairn India. The company has reduced about 17 percent of its gross debt.
