Vedanta Shines with ICRA's Top Rating for Commercial Paper

ICRA has assigned an A1+ rating to Vedanta's Rs 2,500-crore commercial paper, recognizing the company's diversified product portfolio and market share. Vedanta also received an AA- rating for long-term bank loans. The mining giant plans to vertically split its businesses and list five entities by year-end.

Vedanta on Thursday said ICRA has assigned A1+ rating to the company's Rs 2,500-crore commercial paper, citing multiple positives. ICRA highlighted Vedanta's diversified product portfolio and a healthy market share while assigning the rating, the company said. A1+ is the highest rating in a scale of ratings provided by the credit rating agency for such instruments.

''ICRA Ltd...has assigned ICRA A1+ Rating on commercial paper,'' Vedanta said in a filing to the BSE. Similarly, the credit rating agency has also assigned an ICRA AA- rating to Vedanta's long-term bank loans, it said. The mining major has proposed a vertical split of the businesses and is expected to list five entities on the stock exchanges by the end of this year.