We believe the likelihood has increased that Vedanta Resources Ltd. will undertake a liability management exercise that we could consider distressed under our criteria. This is particularly due to the proximity of January 2024 bond maturity of US$1 billion, which is partially funded. We have therefore lowered our long-term issuer credit rating on Vedanta Resources and the issue rating on the company's outstanding debt to 'CCC' from 'B-'. We also placed the ratings on CreditWatch with negative implications. Vedanta Resources is a U.K.-incorporated producer of commodities, with assets primarily in India. The CreditWatch placement reflects the likelihood of further rating downside over the next three months, especially if we considered the liability management exercise to be distressed. However, the sources
