Cash flow exposure to volatile commodity prices. High regulatory risks from operations in countries such as India and Zambia. Work in progress to reduce the high cost position of aluminum operations. Cost-efficient zinc and oil businesses. Fair diversity of businesses. High debt because of debt-funded growth. Use of high short-term debt at operating subsidiaries. Complex, although improving, organizational structure that adversely affects cash flow fungibility and potential for debt reduction. Positive free operating cash flows at the consolidated level. The stable outlook reflects our expectation that Vedanta Resources PLC's operating performance is likely to continue improving gradually over the next 12 to 18 months and support the company's financial position. We also expect Vedanta Resources to have the financial flexibility
