YHD - Delayed Quote • USD Vedanta Resources plc (VED.L) Follow - - (-) At close: June 28 at 6:07 PM EDT All News Press Releases SEC Filings All SEC Filings Corporate Changes & Voting Matters Periodic Financial Reports Proxy Statements Tender Offer/Acquisition Reports Offering Registrations S&P Global Ratings downgrades Vedanta Resources amid bond maturity extension S&P Global Ratings on Thursday downgraded the rating of Vedanta Resources, parent of Indian miner Vedanta Ltd, citing concerns about extension of maturities of some of its bonds. Vedanta Resources late Wednesday said it raised $1.25 billion from financial institutions for refinancing, including a new credit facility. The company also said it started consent solicitations with existing bondholders to extend debt maturity profile, allowing for extension of maturities, amendments to bond terms and seeking certain waivers. India's Vedanta hits over 1-year low after Moody's downgrades parent Shares of Indian conglomerate Vedanta fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price environment." Moody's downgraded Vedanta Resources' unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwal-owned company to Caa2 from Caa1 while maintaining a negative outlook. Zambia agrees to hand disputed copper assets back to India's Vedanta LUSAKA (Reuters) -Zambia has agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, mines minister Paul Kabuswe said on Tuesday, ending a row over the ownership of the assets that erupted in 2019 when authorities seized the mines. The government, which owns a 20% stake in KCM through ZCCM-IH, will allow Vedanta to resume control and operate KCM's mines and smelter after the company renewed a pledge to invest more than $1.2 billion to increase output and repay outstanding debts, Kabuswe said. A shareholders' agreement is being reworked to make the commitments from both shareholders legally binding, Kabuswe added.
