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Moody's lowers Stillwater
Moody's Investors Service said it lowered Stillwater Mining Co.'s corporate family and senior secured bank credit facility to B1 from Ba3 and its exempt facility revenue bond rating to B2 from B1.
The outlook is stable.
Moody's said the downgrade was prompted by the company's weak earnings performance as the cost of mining its underground reserves continues at a high level and is being further pressured by rising input and labor costs.
The outlook remains stable, however, in view of the company's significant cash position and offtake automotive contracts that run through 2010, the agency said.
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