**S&P Global Ratings Upgrades Vedanta Resources’ Bonds Amid Easing Refinancing Risks**
On February 3, S&P Global Ratings announced an upgrade of Vedanta Resources’ bonds, citing reduced refinancing risks. The credit rating agency raised Vedanta’s rating to “B+” from “B,” maintaining a stable outlook and removing it from credit watch. Vedanta Resources serves as the parent company of Vedanta Ltd, a prominent Indian mining firm listed on the stock exchange. Following the announcement, Vedanta Ltd’s shares rose by 4.12%, closing at ₹421.65, compared to ₹439.75 in the previous session.
S&P Global indicated that any future upgrades would hinge on the company’s ability to generate sustainable cash flow and dividends at the group level. The agency also expressed confidence in the refinancing of $600 million in 2026 bonds, describing it as a “virtual certainty,” which is expected to alleviate liquidity pressures and minimize refinancing risks.
Vedanta Resources has experienced a series of rating upgrades recently as the company focuses on reducing its debt and enhancing its capital structure. In January 2025, Moody’s also upgraded the company’s credit ratings, highlighting improved liquidity and reduced refinancing risks. S&P Global’s last upgrade occurred in December, when it raised Vedanta’s rating from “B-” to “B.” In 2024 alone, S&P Global has upgraded the mining giant’s credit ratings three times.
