Vedanta taps Oaktree, PSBs to refinance debt

The dollar bondholders were jittery about timely payment because 100% of the promoter's equity is pledged with lenders, and delay in arranging refinance prompted Moody's to downgrade the 'corporate family rating' by one notch last October. Within days of the downgrade, Vedanta announced it would discontinue rating engagement with Moody's.