...June 30, 2026 This report does not constitute a rating action. Our rating on Vedanta Resources Ltd. (##/Stable/--) reflects the company's exposure to volatility in commodity prices and risks arising from a complex corporate structure. We upgraded the rating by two notches in May 2026, incorporating improving operating performance, stronger liquidity, and more sustainable credit profile supported by deleveraging and enhanced funding access. On June 26, 2026, Vedanta Resources priced a three-tranche US$1.75 billion bond. This follows the company's announcement on June 9, 2025, to refinance its US$5.2 billion debt at the holding company. The refinancing is aimed at extending debt maturities and reducing borrowing costs. The proposed refinancing exercise comes on the back of our recent rating upgrade. In this credit FAQ, S&P Global Ratings discusses the company's liquidity position, proposed refinancing, corporate structure, demerger, and key rating sensitivities....
