S&P Global Ratings upgraded London-based Vedanta Resources Ltd to BB from B+, citing improved finances and cost efficiency after the group’s demerger. The agency also raised ratings on the company’s senior unsecured notes to BB- from B-. The stable outlook reflects expected better cash flows, proactive refinancing, and ongoing deleveraging. S&P pointed to stronger aluminium competitiveness, a ramp-up of the Lanjigarh alumina refinery, backward integration into bauxite mining, and a liquidity position supported by long-term banking lines and sizable cash balances.
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