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S&P upgrades Hecla Mining
S&P said it raised its issuer credit rating on Hecla Mining Co. to B+ from B. The outlook is stable.
At the same time, S&P raised the issue-level rating on the company's $500 million senior unsecured notes due 2021 to B+ from B. The 3 recovery rating is unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in a payment default.
S&P said it also removed both the issuer credit and issue-level ratings from CreditWatch with positive implications, where the agency placed them on March 19.
“The upgrade reflects our view that Hecla's acquisition of Klondex Mines Ltd. will significantly enhance the company's scale, adding three high-grade Nevada mines to total seven all together,” S&P said in a news release.
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