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Bond Market News
Vedanta Put on Positive Credit Watch by S&P and Positive Outlook by Fitch
November 21, 2024
Vedanta Resources’ was placed on credit watch positive by S&P while Fitch assigned a B- rating and a positive outlook to Vedanta for the first time. The credit watch revision by S&P reflects an improvement in Vedanta’s capital structure due to the refinancing of $1.2bn in bonds due in 2027 and 2028, removing the risk of a “maturity wall” in 2026. The refinancing will also eliminate a bond acceleration clause present in the existing bonds, reducing credit risk. Previously, the company faced a significant risk if $600mn of its 2026s were not refinanced by December 2025. The proposed refinancing will boost Vedanta’s debt headroom at its holding company, Twin Star Holdings Ltd to $4bn, providing greater flexibility to manage its April 2026 debt maturities. The positive outlook by Fitch also reflects Vedanta’s reduced debt and improved financial flexibility, highlighted by better access to capital markets as evident by the company’s plan to raise another $1.2bn after raising $900mn in September.
Vedanta’s bonds traded stable with its 10.875% 2029s at 102.35, yielding 10.1%.
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