India Ratings Revises Vedanta Outlook Downward, Affirms Long-Term Issuer Rating
India Ratings and Research Pvt. Ltd. has revised downward Vedanta Ltd.'s outlook to negative from stable.
"Ind-Ra has revised Vedanta Ltd.'s outlook to negative from stable while affirming its long-term issuer rating at 'IND AA'," the ratings agency said in a statement today.
India Ratings continues to take a consolidated view of Vedanta and its subsidiaries and has factored in the debt of its parent company Vedanta Resources Plc while arriving at the ratings, it said.
"The outlook revision reflects Ind-Ra's expectation that Vedanta Ltd.’s credit metrics will remain weaker than expected levels in the near term owing to the delay in volume ramp-up and fall in commodity prices," it said.
Vedanta is a diversified natural resources firm, with a significant presence in zinc, oil and gas, copper, aluminium, iron ore, and power.
On Monday, its shares fell 15.26 percent to Rs 94.10 apiece on the NSE while the benchmark Nifty 50 shed 4.90 percent to end the day at 10,451.45 points.