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

SINGAPORE (S&P Global Ratings) July 28, 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 partly refinance Vedanta Resources' debt maturities over the next 12-15 months. The company plans to use the proceeds to partly refinance its bank loans, and to fund a tender offer for its outstanding bonds due 2019 and 2021. The proposed notes, therefore, would not have any impact on Vedanta Resources' cash flow leverage ratios, though they will improve the liquidity position and extend the average debt maturity. Since our

...SINGAPORE (S&P Global Ratings) July 28, 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 partly refinance Vedanta Resources' debt maturities over the next 12-15 months. The company plans to use the proceeds to partly refinance its bank loans, and to fund a tender offer for its outstanding bonds due 2019 and 2021. The proposed notes, therefore, would not have any impact on Vedanta Resources' cash flow leverage ratios, though they will improve the liquidity position and extend the average debt maturity. Since our upgrade of Vedanta Resources on Jan. 16, 2017, the company's operating and financial performance is largely on track to meet our expectations for fiscal year ending March 31, 2018. The company's operating performance during...

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