Vedanta Resources Ltd.'s weakened access to cash flow from its operating subsidiaries at a time of challenging external financing conditions has raised its refinancing risk. The company has about US$3 billion of debt due between now and August 2024. Vedanta Resources' demonstrated commitment to meeting debt obligations and track record in raising funds under various commodity and capital-market conditions support the current ratings despite the magnitude of the refinancing task. The US$500 million fund raising through sale of equity in subsidiary Vedanta Ltd. highlights this commitment. We revised the rating outlook on Vedanta Resources to negative from stable to reflect the heightened refinancing risk. At the same time, we affirmed our 'B-' long-term issuer credit rating on the company, anticipating
