This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Vedanta Upgraded to B2 by Moody’s
November 28, 2024
Vedanta Resources was upgraded by a notch to B2 from B3 by Moody’s. The rating agency also upgraded the senior unsecured debt issued by the entity and its subsidiaries to B3 from Caa1. This is the second upgrade of Vedanta in as many months by Moody’s, following the upgrade to B3 in October. The latest upgrade comes after the company announced the issuance of unsecured notes, raising $300mn via a 10.25% 2028 and $500mn via a 11.25% 2031. The proceeds will be used to partially repay $1.2bn of outstanding notes due in December 2028, reducing Vedanta Resources’ higher interest debt. Vedanta’s next major bond maturity is to the tune of $600mn due in April 2026, and it is expected to address this in time, given its recent ability to tap dollar bond markets. Its debt management initiatives have significantly reduced liabilities, lowering holding company debt to $4.8bn by September 2024, from $9.1bn in March 2022. Moody’s expects that the company will address its debt maturities in a timely manner, and hence has a stable outlook on the entity. Vedanta is also on positive outlook by S&P and Fitch.
Vedanta’s bonds traded with a positive bias with its 10.25% 2028s at 100.38, yielding 10.12%.
Go back to Latest bond Market News
Related Posts:
Vedanta’s Dollar Bonds Drop after Downgrade to B3 by Moody’s
November 1, 2022
Vedanta Resources Upgraded by Two Notches to Caa1
September 16, 2024
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.