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 S&P Global Ratings on Thursday downgraded the rating of Vedanta Resources, parent of Indian miner Vedanta Ltd, citing concerns about extension of maturities of some of its bonds.

Vedanta Resources late Wednesday said it raised $1.25 billion from financial institutions for refinancing, including a new credit facility.

The company also said it started consent solicitations with existing bondholders to extend debt maturity profile, allowing for extension of maturities, amendments to bond terms and seeking certain waivers.

The agency's action on the U.K.-based company's bonds is spurred by the high "likelihood of a conventional default."

"This is because of the company's large upcoming debt maturities and weakened access to both internal cash flow and external financing. The company has about $4.5 billion in debt maturities through March 2025," S&P Global said.

S&P Global Ratings reduced Vedanta Resources' rating to "CC" from "CCC."

Rating agencies continued to downgrade the firm throughout last year, citing concerns about the group's $6.4 billion outstanding debt.

S&P had downgraded Vedanta Resources to "CCC" from "B-" in late September, shortly after Moody's Investors Service lowered its rating on the miner's unsecured bonds and corporate family rating (CFR).

Anil Agarwal, Vedanta's founder and chairman, has made several bids to trim the group's debt, including an unsuccessful attempt to take the company private in 2020 and a deal contested by the Indian government for the company's unit Hindustan Zinc buying some of the debt-laden firm's zinc assets.

Vedanta in September also launched a sweeping overhaul, carving up the metals-to-oil conglomerate into six separate businesses.