S&P gives B-minus to Vedanta Resources guaranteed senior unsecured notes ANI | Updated: Feb 24, 2021 11:25 IST
Vedanta Resources Finance II Plc will issue the notes and they will be guaranteed by Vedanta Resources and two of its subsidiaries Twin Star Holdings and Welter Trading. These two subsidiaries together own 38.1 per cent in Vedanta Ltd which is Vedanta Resources subsidiary.
The issuer will lend the proceeds to Twin Star for the acquisition of equity shares of Vedanta Ltd in accordance with existing laws. Any remaining proceeds will be used to service existing debt. We rate the proposed notes the same as the issuer credit rating on Vedanta Resources, said S&P.
Singapore, February 23 (ANI): S&P Global Ratings on Tuesday assigned BBB negative long-term issue rating to senior unsecured notes that Bharti Airtel Ltd proposes to issue.
The Budget will also support recovery with higher than previously expected expenditures for fiscals 2021 and 2022.
India s economic recovery is gaining steam: S&P ANI | Updated: Feb 16, 2021 11:19 IST
Singapore, February 16 (ANI): India is on track for an economic recovery in the fiscal year ending March 2022, S&P Global Ratings said on Tuesday.
India needs many things to be right for its recovery to continue. Most significantly, the country needs to quickly and thoroughly vaccinate most of its 1.4 billion people. The emergence of yet more contagious Covid-19 variants with the potential to evade vaccine-derived immunity present a major risk to this recovery. As does the possibility of early withdrawal of global fiscal stimulus, said the report.
S&P affirms Power Grid s BBB-minus rating with stable outlook ANI | Updated: Feb 11, 2021 16:57 IST
Singapore, Feb 11 (ANI): S&P Global Ratings has affirmed BBB-minus long-term issuer credit rating on Power Grid Corporation, the largest power transmission company in India which manages about 85 per cent of the country s inter-state transmission system. We forecast the company s leverage will improve steadily with a ratio of funds from operations to debt of 15 to 19 per cent over the three fiscal years ending March 2023 from about 13 per cent in fiscal 2020, said S&P.
Capital spending is likely to decrease from historical peak levels of Rs 22,500 crore to Rs 25,000 crore annually, given fewer growth projects. Also, the completion of several large projects has removed transmission bottlenecks and strengthened the transmission system in India.
Rise in sovereign debt to end in 2023: S&P ANI | Updated: Feb 05, 2021 12:43 IST
Singapore, February 5 (ANI): Reflecting increased public spending to deal with the Covid-19 crisis, S&P Global Ratings has projected that median general government debt for all rated 135 sovereigns will rise by end-2021 to a record 62.6 per cent of GDP.
That compares with 49 per cent at end-2019 and 32.5 per cent at end-2008.
For the Group of Seven nations Canada, the United States, France, Germany, Italy, Japan and the United Kingdom S&P projects average government debt at end-2021 will increase to 128.7 per cent of GDP versus 106.3 per cent in 2019 and 101.3 per cent in 2008.