...October 16, 2024 SINGAPORE (S&P Global Ratings) Oct. 16, 2024--S&P Global Ratings today lowered the issue ratings on senior unsecured notes issued by Vedanta Resources Ltd. and Vedanta Resources Finance II PLC. At the same time, we affirmed the ratings on outstanding issuances of several other India-based companies (see table below). The rating actions follow the review of our jurisdiction assessment of the insolvency regime in India. We now differentiate the issue ratings on debt that is materially subordinated to other better-positioned or more senior-ranking debt in India. India's bankruptcy and recovery regime has improved, in our view. We now consider conformity of the distribution of proceeds to legal (including contractual) ranking of claims to be no longer a negative factor (see "India's Bankruptcy Reform Is A Work In Progress," published on RatingsDirect on Oct. 16, 2024). Therefore, if a debt instrument is significantly subordinated to other debt, we signal its relative disadvantage...
