Vedanta Resources Ltd.'s proposed fund raising will substantially reduce liquidity and refinancing risk, given the India-focused commodities company will have moderate debt maturities until 2029. Once the refinancing of Vedanta Resources' April 2026 bonds is certain, we expect to raise the long-term issuer credit rating to 'B+'. On Jan. 13, 2025, S&P Global Ratings placed on CreditWatch with positive implications its 'B' long-term foreign currency issuer credit rating on Vedanta Resources and the 'B-' long-term issue ratings on the various U.S. dollar-denominated senior unsecured notes the company issued or guaranteed. We also assigned our preliminary 'B' rating to the proposed senior unsecured notes that Vedanta Resources Finance II PLC proposes to issue and Vedanta Resources will guarantee. We aim to
