Moody's ends reviews, ups Conuma

Moody's Investors Service said it completed its review, which it started on April 13, for Conuma Resources Ltd. and raised its corporate family rating to Caa1 from Caa2, its probability of default rating to Caa1-PD from Caa2-PD but affirmed the Caa1 rating of the senior secured notes due 2028. The outlook is now stable.

"The upgrade reflects the completion of its notes issuance, which has resolved its refinancing risk and extends its debt maturity profile," commented Jamie Koutsoukis, a Moody's vice president and senior analyst, in a press release.

Additionally, the stable outlook indicates the company will deliver positive free cash flow and maintain coal production near 4.5 million tonnes per year, the agency said.

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