S&P rates Baffinland CCR, notes B-

S&P said it assigned its B- long-term corporate credit rating to Baffinland Iron Mines Corp.

The outlook is stable.

At the same time, the agency assigned its B- issue-level rating and 4 recovery rating to the company's proposed secured notes of $350 million. The 4 recovery reflects an expectation of average (30%-50%, high end of the range) recovery in the event of default.

"Our corporate credit rating on Baffinland primarily reflects the company's limited scale as an early stage single-mine operator, with a financial risk profile that is highly sensitive to historically volatile iron ore prices," S&P credit analyst Jarrett Bilous said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.