Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

06 Apr 2026 CW Team

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.

Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.

The upgrade represents Vedanta Resources’ highest bond rating since 2015 and signals a structurally improved financial profile supported by stronger earnings visibility and continued deleveraging. Fitch attributed the rating action to expectations of solid EBITDA generation in the medium term, backed by favourable commodity pricing, stable production volumes and an improving cost structure.

Fitch also pointed to stronger financial discipline, highlighting Vedanta’s refinancing initiatives, improved debt maturity profile and reduced borrowing costs at the holding company level. The ratings agency expects proportionately consolidated net leverage to remain below 3.0x during FY26–FY29, supported by robust earnings and sustained debt reduction efforts.

In addition, Fitch noted Vedanta’s diversified business model and strong market positioning across key commodities including zinc, aluminium, and oil & gas. The agency further highlighted that Vedanta has limited exposure to the Middle East for revenues as well as key inputs such as coal, bauxite and alumina, which helps reduce supply chain-related risks.

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