...September 12, 2023 This report does not constitute a rating action. On Aug. 3, 2023, we revised the outlook on our 'B-' rating on Vedanta Resources Ltd. (Vedanta) to negative from stable. While the revision reflected rising liquidity pressure and refinancing risk, the 'B-' rating is premised on our belief that that the company will raise further funds to refinance successfully in the coming months and will not pursue any transaction such as a bond exchange that we may view to be distressed, under our criteria. In our discussions, the company has reiterated its willingness and ability to meet its debt obligations, as well as its preference to avoid scenarios that could result in a selective default rating action. We recognize that tight financing conditions present downside risks to our rating, despite the company's intention to make good on its obligations. In this document, we answer the most common questions investors have asked since the company announced a bondholder identification...
