This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Dec. 4, 2024--Vedanta Resources Ltd. may avoid risk of an accelerated maturity. That is if its exercise to amend certain covenants of its existing bonds passes. The consent solicitation, if passed, is likely to remove the residual risk of an accelerated maturity wall following a US$400 million shortfall in Vedanta Resources' most recent bond raising. The company issued US$300 million of 10.25% 2028 bonds and US$500 million of 11.25% 2031 bonds on Nov. 26, 2024. It had targeted to raise US$1.2 billion through these bonds to refinance its remaining 13.875% 2028 bonds. We assigned a preliminary 'B-' rating on the bonds. The outstanding 2028 bonds currently have a
