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S&P: Imperial Metals outlook to positive
S&P said it revised the outlook on Imperial Metals Corp. to positive from negative and affirmed its CCC long-term corporate credit rating.
In addition, the agency affirmed its CCC- issue-level rating on the company's senior unsecured notes. The recovery rating is unchanged at 5, indicating an expectation for modest (10% to 30%; rounded estimate 25%) recovery in the event of default.
"The outlook revision reflects our view that Imperial Metals' risk of default over the next 12 months has declined based on the recent improvement in the company's liquidity position and expected increase in its cash flow generation in 2017," S&P credit analyst Jarett Bilous said in a news release.
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