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Bond Market News
Vedanta Upgraded to B+ by S&P
February 4, 2025
Vedanta Resources was upgraded by a notch to B+ from B by S&P. The upgrade follows the recent $1.1bn bond issuance by the company, which will help address its 2026 and 2028 bond maturities, easing liquidity and refinancing risks. The refinancing of the $600mn 2026s will cover most of the $700mn funding gap that Vedanta is estimated to have in April 2026, according to S&P. Vedanta Resources bought back $300mn of the 2026s before the early deadline of 27 January, 2025, and is expected to repay the remaining amount once the bonds are callable at par on 23 April, 2025. S&P believes the risk of not repaying the remaining 2026s by April 2025 is negligible, since if repayment is missed, the company would be required to redeem 101% of any excess proceeds from its $1.1bn bond issuance after addressing its 2026 and 2028 maturities. Vedanta was earlier upgraded to B+ by Fitch on the back of similar rationale.
Vedanta’s bonds were trading stable with its 10.25% 2028s at 102.4, yielding 9.4%.
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