Moody's downgrade Vedanta Resources corporate family rating on refinancing risks for debt maturities2 min read 10 Mar 2023, 07:49 PM IST
Moody's said, a large part of the holdco's cash needs during fiscal 2023 were met through dividend receipts and management fees from operating subsidiaries, thus substantially diminishing cash reserves.
Vedanta shares dropped on Friday after Moody's Investors Service downgraded parent Vedanta Resources (VRL) corporate family rating (CFR) to Caa1 from B3. Also, Moody's downgraded the ratings to Caa2 from Caa1 on the senior unsecured bonds issued by VRL.
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