Moody s Investors Service on Tuesday downgraded miner Vedanta Resources corporate family rating and senior unsecured bonds, a second such move since September, citing concerns over the company s.
Moody's said that Vedanta Resources, the parent of Indian miner Vedanta, will face material liquidity issues over the upcoming 24 months and warned that the "default risk" remains high.
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People familiar with the matter told ET that the approval is more than 97% for bonds maturing in 2024, 2025, and 2026. The company had to immediately repay $1 billion debt on January 21. It had offered an additional early consent fee for those agreeing to the restructuring, sweetening the proposal for investors.