Mumbai, Nov 08: The outstanding ratings on Sterlite Group's Rs 500 crore Non-Convertible Debenture (NCD) and Rs 350 crore short-term debenture (STD) programmes remain unchanged, in the wake of vedanta resources' decision to list on the London Stock Exchange, according to rating agency CRISIL. The IPO and listing would strengthen the company's business profile and enable the group to emerge as a strong non-ferrous metals player in the domestic industry, CRISIL said in a release here today.

The outstanding ratings conferred by CRISIL for the NCD and STD are `aa-' and `p1+,' respectively, it said, adding, vedanta resources is the holding company of Sterlite Group.


However, the group's credit rating would depend on the final capital expenditure plans, the funding mix for various projects and flexibility to alter its capital expenditure plans, it said.
The company is also likely to make additional investments to increase holding in Bharat Aluminium Company (BALCO) and Hindustan Zinc, it said, adding, since the timing and quantum of final investments are "not yet clear", the agency would continue to "closely monitor it".

Bureau Report