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 $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.
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