Fitch Ratings on 17 August 2010 downgraded the credit rating of Vedanta Resources stating the possible risk involved in the London-listed Vedanta’s proposed acquisition of oil exploration firm Cairn India. The substantial size of the Cairn India acquisition in relation to Vedanta’s existing cash flows and debt levels was reflected in the downgrades. Also was highlighted the fact that there would be added risk if the acquisition goes through given Vedanta’s lack of track record in the oil and gas sector. Vedanta Resources on 16 August 2010 announced the acquisition of 60% stake in Cairn India for $9.6 billion to transform itself into a company with a wider portfolio of natural resources.
Credit Rating of Vedanta Resources Downgraded
By Jagranjosh
Mar 14, 2011, 04:43 IST
Fitch Ratings on 17 August 2010 downgraded the credit rating of Vedanta Resources stating the possible risk involved in the London-listed Vedanta’s proposed acquisition of oil exploration firm Cairn India.
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