 "S&P Global Ratings revises outlook to negative for Vedanta Resources")
S&P Global Ratings on Thursday revised the credit outlook for Vedanta Resources Ltd to negative, citing increased funding risks.
The agency has affirmed the 'B-' rating for the company. It indicates a relatively higher credit risk.
In a statement, it said Vedanta Resources' weakened access to cash flow from its operating subsidiaries at a time of challenging external financing conditions has raised its refinancing risk.
"The company has about USD 3 billion of debt due between now and August 2024," it said.
Vedanta Resources is making refinancing progress, but execution risks remain, the agency said.
Twin Star Holdings sold 4.14 per cent stake in Vedanta on Thursday. The promoter entity sold 154.1 million shares at Rs. 258.6 apiece to mop up Rs. 3,983 crore. Copthall Mauritius Investment and Societe Generale picked up shares worth Rs. 2,194 crore and Rs. 761 crore, respectively, data provided by stock exchanges showed.
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