Cost efficient zinc and oil businesses. Fair diversity of businesses. Scope to significantly improve scale of aluminum operations. High operational risks in Indian iron ore and Zambian copper businesses. Exposure to volatile and currently weak commodity prices. Evolving regulations and operating conditions in India. High debt because of debt-funded growth in the past. Positive free operating cash flows. Complex organizational structure adversely affecting cash flow fungibility and deleveraging. The negative outlook reflects the risk of a delay in improvement in Vedanta Resources PLC's operating performance because of challenges, particularly for the aluminum operations. This could result in the company's ratio of funds from operations (FFO) to debt on a proportionate basis not recovering to sustainably above 12% over the next
