After unfavourable ratings Vedanta Resources terminates Moody's services

Vedanta Resources, the holding company of India’s Vedanta Limited, on November 7 terminated the Moody’s rating services after the latter downgraded the company’s ratings amid debt concerns, the Economic Times reported.

“Vedanta Resources Limited hereby announces that it has today given notice to Moody’s Investor Services to discontinue its rating engagement and to withdraw all the outstanding ratings.” Vedanta said in a statement today.

On October 31, Moody’s had downgraded the corporate family rating of Vedanta Resources to B3 from B2 and senior unsecured bonds rating to Caa1 from B3. While downgrading, the agency voiced concerns that Vedanta is yet