Vedanta Resources has arranged adequate funding at Vedanta Ltd. for upstreaming to the holding company, addressing its refinancing risk. In addition, Vedanta Resources has received waivers and relaxations on its covenants. This has addressed the potential liquidity risk from breach of covenants. We are affirming our 'B' foreign currency long-term corporate credit rating on Vedanta Resources and our 'B' long-term issue ratings on the metals and oil company's guaranteed notes and loans. We are removing all ratings from CreditWatch, where they were placed with negative implications on Feb. 17, 2016. The stable outlook reflects our expectation that the company will not face any material refinancing risk over the next 12-15 months and that its operating and financial performance will improve.
