Moody's Investors Service has placed Vedanta’s parent company -- Vedanta Resources’ rating under review for downgrade, saying the firm remains vulnerable to falling oil and metal prices as well as shrinking demand following the outbreak of coronavirus. It has changed the ratings outlook for Vedanta to ratings under review from stable.
The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
