S&P raises Vedanta Resources' rating on easing refinancing risks

S&P Global Ratings upgraded the rating on Vedanta Resources on Monday, citing easing refinancing risks for the UK-based natural resources group.

The rating agency bumped up the parent of Indian miner Vedanta to "B+" from "B" with a stable outlook and removed it from credit watch.

A further upgrade will depend on sustainable cash flow and dividend generation at the group level, the ratings agency said.

"We consider the refinancing of $600 million 2026 bonds as a virtual certainty… Refinancing of the 2026 bonds will significantly reduce liquidity pressure and minimize refinancing risk," S&P Global Ratings said in a statement.