Vedanta Resources Gets ‘BB-’ Rating Upgrade from Fitch; Highest Rating Since 2015
• Issuer and bond ratings upgraded to BB- with Stable outlook
• Upgrade reflects strong EBITDA outlook, improving cost structure and sustained deleveraging
• Improved financial discipline, diversified portfolio and lower supply chain risks support rating
Vedanta Resources Limited, a global leader in metals, oil & gas, critical minerals, power and technology, today announced that Fitch Ratings has upgraded Vedanta Resources Limited’s (VRL) Long-Term Foreign-Currency Issuer Default Rating to ‘BB-’ from ‘B+’, with a Stable Outlook. Fitch has also upgraded VRL’s senior unsecured rating and the ratings on the US dollar bonds issued by Vedanta Resources Finance II Plc, and guaranteed by VRL, to ‘BB-’.
This marks the highest rating for Vedanta Resources’ bonds since 2015, and reflects a structurally stronger financial profile, underpinned by strong earnings visibility and sustained deleveraging. The upgrade is driven by expectations of robust EBITDA generation over the medium term, supported by favorable commodity prices, healthy volumes and an improving cost structure. The agency highlighted Vedanta’s improving financial discipline, including proactive refinancing, smoother debt maturity profiles and lower borrowing costs at the holding company level. Fitch expects proportionately consolidated net leverage to remain below 3.0x over FY26–FY29, supported by strong earnings and continued deleveraging.
Fitch also noted the structural strengths of Vedanta’s business model, including its large scale, leadership positions across key commodities and a diversified portfolio spanning zinc, aluminium and oil & gas. Limited exposure to the Middle East for both revenues and key inputs such as coal, bauxite and alumina further mitigate supply chain risks.
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