Vedanta Limited on Wednesday said India Ratings and Research has downgraded its ratings for the long-term bank facilities and debt instruments.
The ratings have been downgraded to 'IND AA-' from 'IND AA', Vedanta said in a filing to the BSE.
"India Ratings and Research has placed these ratings on Rating Watch with negative implications while reaffirming the ratings on the short-term debt instruments of the company at IND A1+ and placing these ratings also on rating watch with negative implications," the company said.
Vedanta on Wednesday also incorporated a wholly-owned subsidiary, Vedanta Base Metals Limited, to implement the demerger of its five key businesses, including aluminium and oil and gas. 100 per cent shareholding of this unit is currently held by Vedanta Limited.
The company had announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value.
Vedanta, a subsidiary of Vedanta Resources Limited, is one of the world's leading natural resources companies.