On 29 September 2025, Moody’s Investors Service assigned a B2 rating to Vedanta Resources Limited’s proposed US dollar bond issue, saying proceeds would be used to refinance a $550 million private credit facility due in April 2026. The agency described the outlook as stable, pointing to reduced holding-company debt — from $9.1 billion in March 2022 to $4.8 billion by June 2025 — and forecasting that lower funding costs would lift interest coverage to about 2.5 times by fiscal 2027. Moody’s said it expected dividends and brand fees from Vedanta’s operating subsidiaries to be sufficient to cover interest and maturities at the parent company through September 2026. But the same day, investigative financial research firm Viceroy Research issued an alert claiming that the Reserve Bank of

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