We believe Vedanta Resources Ltd.'s open offer to increase its ownership in subsidiary Vedanta Ltd. to 65% is positive for liquidity at the holding company level. The India-based commodity conglomerate's strong underlying earnings and recent redemption of a large part of its June 2021 bonds have lowered its refinancing risk over the next 12-18 months. We are therefore revising our outlook on Vedanta Resources to stable from negative. At the same time, we affirmed our 'B-' long-term issuer credit rating on the company and our 'B-' long-term issue rating on its senior unsecured bonds. The stable outlook reflects Vedanta Resources' strengthened ability to meet its debt obligations over the next 12-18 months as the company continues to improve its capital
