13th Jun 2008 09:59
13 June 2008
Fitch Assigns "BBB-"rating
Vedanta Resources plc ("Vedanta"), the London listed FTSE 100 diversified miner, is pleased to announce that Fitch ratings ("Fitch") has today assigned it a Long-term foreign Issuer Default Rating ("IDR") of ' BBB-' with a Stable outlook.
The 'BBB-'rating, which is also Fitch's India Sovereign rating, is currently the highest assigned to Indian companies.
The IDR reflects the strength and diversity of Vedanta's portfolio of businesses in the metals and mining sector, including zinc, copper, iron ore and aluminium operations. Vedanta's diversified business profile provides protection against the volatility of individual metal prices, thereby adding to its earnings stability.
Fitch's rating also reflects Vedanta's continuing improvements in margins, strong earnings growth and liquidity over the past few years, resulting in substantially lower net leverage.
Fitch also assigned a rating of 'BB+' to Vedanta's existing $ 600 million bond.
For further information, please contact:
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Sumanth Cidambi Associate Director - Investor Relations Vedanta Resources plc |
Tel: +91 22 6646 1531
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James Murgatroyd Robin Walker Finsbury |
Tel: +44 20 7251 3801 |
About Vedanta Resources
Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 29,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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