Vedanta Resources Limited (VRL), the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, has received a rating upgrade from S&P Global Ratings. The agency upgraded VRL's corporate family rating from 'B-' to 'B'. With this, VRL's rating by S&P has gone up by five notches from 'CC' in December last year. "We raised our issuer credit rating on Vedanta Resources Ltd. to 'B' from 'B-' and raised our issue ratings on the company's guaranteed bonds to 'B-' from 'CCC+'," the rating agency said. S&P said in its report that the upgrade comes after VRL obtained the minimum acceptances needed to close its consent solicitation exercise for 2028 bonds. "The stable outlook reflects our expectation that refinancing risks will be more manageable after the transaction given a newfound funding flexibility and improved capital market access," the agency said in its report. "The stable outlook also reflects the company's sound underlying operations, which should support internal cash .