Cash flow exposed to volatile commodity prices. High regulatory risks in countries such as India and Zambia. Cost efficient zinc and oil businesses. Scope to significantly improve the cost profile of aluminum operations. Fair diversity of businesses. High debt because of debt-funded growth in the past. Use of short-term debt at operating subsidiaries. Positive free operating cash flows. Consistent dividend and large cash balance at Indian subsidiaries. Complex, although improving, organizational structure that adversely affects cash flow fungibility and debt reduction. The stable outlook reflects our expectation that Vedanta Resources PLC's operating performance is likely continue to improve over the next 12-18 months and support the company's financial position. We also expect Vedanta Resources to have the financial flexibility to
