...July 7, 2021 SINGAPORE (S&P Global Ratings) July 7, 2021--S&P Global Ratings said today that Vedanta Resources Ltd. can increase its funding options to address its refinancing needs if it secures consent to raise the cap on total debt at subsidiary guarantor Twin Star Holdings Ltd. The exercise does not have any immediate effect on our rating on Vedanta Resources (B-/Stable/--). Investors have been more receptive to debt issued via Twin Star than that from Vedanta Resources, a global miner. Fundraising via Twin Star would help address refinancing, especially a US$1 billion bond due July 2022. It could also help Twin Star increase its stake in its operating subsidiary, Vedanta Ltd. Both of these outcomes would improve the credit profile on Vedanta Resources by improving liquidity, the key rating constraint. We expect the additional debt at Twin Star to be largely neutral to Vedanta Resources' leverage, as part of the additional debt will likely be used for refinancing. To the extent that...
