Vedanta Resources faces increasing pressure on liquidity, given the slower-than-expected progress on the refinancing of its US$1.35 billion debt maturing in mid-2016 and covenant pressures. We expect the company's financial performance to remain very weak for the next 12-15 months because of weak commodity prices and high debt. We are lowering our foreign currency long-term corporate credit rating on Vedanta Resources and our long-term issue ratings on the company's guaranteed notes and loans to 'B' from 'B+'. At the same time, we are placing all the ratings on CreditWatch with negative implications to reflect Vedanta Resources' refinancing risk and any further liquidity pressure if the company does not get its requested covenant waiver and relaxations. On Feb. 17, 2016, Standard
