New Delhi: Vedanta Group on Friday said that it has received its highest domestic credit rating in over a decade after rating agency ICRA upgraded the long-term ratings of its key group entities to AA+.
Securities with an AA+ rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securties carry very low credit risk.
"ICRA upgraded the long-term ratings of Vedanta Ltd and Vedanta Aluminium Metal Ltd (VAML) to AA+ with a stable outlook, while Talwandi Sabo Power Limited (TSPL) was upgraded to AA- Stable from A+/WatchDeveloping," Vedanta said in a
statement.
The agency also reaffirmed the Group's short-term rating at the highest category of A1+.
The latest rating action marks Vedanta's highest domestic credit rating since 2014 and represents a significant milestone for the Group as two of the largest businesses emerging from the demerger framework have now secured an AA+ rating.
Together, these two businesses account for over 75 per cent of the group's long-term debt.