Vedanta Resources' capital structure will improve following the company's proposed fund raising to refinance its US$1.2 billion bonds due in 2027 and 2028. The India-focused commodities company's US$1.15 billion debt maturities in April 2026 remain a watchpoint. However, an increase in debt headroom post the proposed fund raising should make the refinancing risk more manageable. On Nov. 20, 2024, S&P Global Ratings placed on CreditWatch with positive implications its 'B-' long-term foreign currency issuer credit rating on Vedanta Resources and the 'CCC+' long-term issue ratings on the various U.S. dollar-denominated senior unsecured notes the company issued or guaranteed. Once the transaction is complete, we expect to raise the issuer credit rating on Vedanta Resources to 'B'. We also assigned our
