Vedanta Resources PLC's Proposed U.S. Dollar Senior Unsecured Notes Rated 'B+'

SINGAPORE (S&P Global Ratings) Jan. 16, 2017--S&P Global Ratings today assigned its 'B+' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Vedanta Resources PLC (foreign currency: B+/Stable/--). The rating is subject to our review of the final issuance documentation. We believe the proposed issuance will help reduce Vedanta Resources' refinancing risk. The company plans to use the proceeds to refinance part of its US$750 million and US$1.2 billion bonds maturing in 2018 and 2019, respectively, that are to be submitted under a tender offer announced today. Any unused proceeds would be primarily used to repay existing debt. The proposed bond would therefore not have any impact on Vedanta Resources' financial ratios. Earlier today, we

...SINGAPORE (S&P Global Ratings) Jan. 16, 2017--S&P Global Ratings today assigned its 'B+' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Vedanta Resources PLC (foreign currency: B+/Stable/--). The rating is subject to our review of the final issuance documentation. We believe the proposed issuance will help reduce Vedanta Resources' refinancing risk. The company plans to use the proceeds to refinance part of its US$750 million and US$1.2 billion bonds maturing in 2018 and 2019, respectively, that are to be submitted under a tender offer announced today. Any unused proceeds would be primarily used to repay existing debt. The proposed bond would therefore not have any impact on Vedanta Resources' financial ratios. Earlier today, we raised our rating on Vedanta Resources to 'B+' from 'B' to reflect our expectations that the company's operating performance will improve over the next 12-18 months. This is because of higher commodity prices and...

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