NEW DELHI: India Ratings and Research (Ind-Ra) on Monday said it has revised downward Vedanta Ltd's outlook to negative from stable.
"Ind-Ra has revised Vedanta Ltd's (VL) outlook to negative from stable while affirming its long-term issuer rating at 'IND AA'," the rating agency said in a statement.
Ind-Ra continues to take a consolidated view of Vedanta Ltd and its subsidiaries and has factored in the debt of its parent company Vedanta Resources Plc (VRL) while arriving at the ratings, it said.
"The outlook revision reflects Ind-Ra's expectation that VL's credit metrics will remain weaker than expected levels in the near term owing to the delay in volume ramp-up and fall in commodity prices," it said.
Vedanta Ltd is a diversified natural resources firm, with a significant presence in zinc, oil and gas, copper, aluminium, iron ore, and power.