Vedanta Shares Take a Hit as S&P Downgrades Parent Company’s Outlook

“Vedanta Resources is making refinancing progress, but execution risks remain,” said the S&P release. “We understand that the company is in discussions to raise further funds in excess of $1 billion. We see material risks, given a challenging funding environment and the absence of traditional funding sources such as capital markets. This is the basis for the negative rating outlook on Vedanta Resources,” said the agency.