| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Molycorp, Inc. > News item |
S&P reviews Molycorp for upgrade
Standard & Poor's said it placed its CCC corporate credit and debt ratings on Molycorp Inc. on CreditWatch with positive implications.
The agency expects to raise the corporate credit rating to CCC+ upon close of the $400 million financing transaction. It will review issue-specific ratings at that time and may or may not raise them, depending on recovery prospects in light of the new, secured financing.
S&P said the action reflects the potential for the ratings on Molycorp to be raised. The agency believes that the upfront $250 million will provide sufficient liquidity for the company to meet cash flow obligations for the coming 12 months. The company will need to meet certain operational and financial targets to draw the remaining $150 million of the credit facility up until April 2016; it faces a $230 million debt maturity in June 2016, S&P said.
© 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.