Vedanta Resources Limited (VRL), the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, has received a rating upgrade from S&P Global Ratings. The agency upgraded VRL's corporate family rating from 'B-' to 'B'. With this, VRL's rating by S&P has gone up by five notches from 'CC' in December last year. "We raised our issuer credit rating on Vedanta Resources Ltd. to 'B' from 'B-' and raised our issue ratings on the company's guaranteed bonds to 'B-' from 'CCC+'," the rating agency said. S&P said in its report that the upgrade comes after VRL obtained the minimum acceptances needed to close its consent solicitation exercise for 2028 bonds. "The stable outlook reflects our expectation that refinancing risks will be more manageable after the transaction given a newfound funding flexibility and improved capital market access," the agency said in its report. "The stable outlook also reflects the company's sound underlying operations, which should support internal cash .
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"Globally, some countries with high rates of vaccination are learning to live with the coronavirus," said J Y Lim, Advisor for oil markets at S & P Global Platts Analytics.
Even with Covid concerns creating recent jitters in big consumers like China and US, the impact appears to be diminishing as the global economy recovers
The Covid-19 pandemic could increase budget deficits and indebtedness of state governments as spending needs to exceed revenue collected, S&P Global analysts YeeFarn Phua and Ruchika Malhotra said
International travel, according to Goldman Sachs is another key factor that is likely to trigger a demand rise, which in turn will keep oil prices elevated
However, once the lockdowns are lifted, Platts expects the pent-up demand to get released, which in turn will act as a catalyst for economic growth
The total oil demand in India, according to their estimate, had declined to 470,000 b/d in 2020
Platts Analytics expects India's oil demand in 2021 to recover to slightly above the level of 2019, with growth of 465,000 barrels per day in the year