This improve comes amidst important developments at Vedanta Group that focuses on long-term strategic development. | Picture: Reuters
Credit standing company ICRA on Wednesday stated that it has upgraded Vedanta Ltd’s long-term credit standing, reflecting the corporate’s strengthened credit score profile.
The long-term credit standing has been upgraded to AA from AA-.
The long-term ranking improve considers an anticipated enchancment within the firm’s credit score metrics, following the profitable fund-raising value $ 1 billion by the corporate through a professional institutional placement (QIP) in July and an extra $ 400 million generated from the supply on the market (OFS) of Hindustan Zinc Ltd in August, ICRA stated.
This improve comes amidst important developments at Vedanta Group that focuses on long-term strategic development and monetary energy.
Vedanta Ltd has constructed a battle chest exceeding Rs 22,000 crore, comprising primarily of current money reserves, stake sale and dividend from its subsidiary Hindustan Zinc Ltd.
Vedanta Assets Ltd can be actively pursuing to refinance a considerable portion of its excellent bonds, aiming to decrease the consolidated entity’s curiosity prices additional.
All of the deleveraging efforts are additionally anticipated to enhance the general monetary flexibility of the group, ICRA stated.
(Solely the headline and movie of this report could have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Sep 04 2024 | 9:14 PM IST
