18 AUGUST 2011reuters
TEXT-'Fitch AA(ind)(SO)' for Vedanta Aluminium's Enhanced Loan
Edited by : AL CIRCLE
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Fitch Ratings has assigned India-based Vedanta Aluminium Ltd's (VAL) INR61.5bn project finance facility a rating of 'Fitch AA(ind)(SO)'. The facility is fungible between letters of credit and rupee term loans. The total project finance facilities rated (including the above) aggregate to INR161.5bn.
The rating reflects the unconditional and irrevocable guarantee provided by VAL's ultimate parent - UK-based Vedanta Resources Plc (VRPLC, 'BB+'/Stable) - for the project finance facility. The guarantee covers timely payment of interest and principal obligations.
The rating reflects the unconditional and irrevocable guarantee provided by VAL's ultimate parent - UK-based Vedanta Resources Plc (VRPLC, 'BB+'/Stable) - for the project finance facility. The guarantee covers timely payment of interest and principal obligations.
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