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.

Infrastructure Transport

28 Apr 2026

Contracts, Corridors and Cash Flows

India’s roads sector enters 2026 at a decisive junction, where the conversation is no longer about kilometres alone but contracts that allocate risk wisely, corridors that unlock economic value, and cash flows that remain credible over the long term. After more than a decade of relentless expansion, India’s road-building ecosystem is moving into a phase of maturity – where engineering complexity, financial discipline and institutional coordination matter more than sheer scale.Between 2014 and 2024, India built highways at a pace few nations have ever matched. National Highway length expa..

The Walled Garden

I am not suggesting Indian architects are inadequate. The profession has produced extraordinary work – from Charles Correa's quiet humanism to Balkrishna Doshi's Nobel-recognised genius. However, the regulatory barriers meant to protect the profession are holding it back. It is time for an honest conversation about this.The Architects Act of 1972 established the Council of Architecture (COA) as the statutory body regulating architecture practice in India. Its founding logic was sound: to ensure those calling themselves architects meet a minimum standard of competence and to protect the publi..

We completed a 1BHK home on a private island in 7 days!

Reimagining construction through a ‘War on Waste’, Circato founders T Paul Koshy, Sushma Joseph and Praveen Crasta speak to CW on turning single-use plastic into high-performance building systems – demonstrated at Bengaluru International Airport with a 16-ft wall installed in just 48 hours.What specific gap in the construction ecosystem led to the creation of Circato?Sushma Joseph: We felt the industry had normalised inefficiency. In construction, timelines, costs and outcomes often remain uncertain, yet that is widely accepted. We wanted to show that inefficiencies can be..