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S&P downgrades Atlas Iron
Standard & Poor’s said it lowered the corporate credit rating on Atlas Iron Ltd. to B- from B, along with its senior secured debt to B- from B.
The outlook is stable.
The recovery rating on the senior secured debt issued by its subsidiary, Atlas America Finance Inc., is affirmed at 3.
The downgrades reflect concerns that a sustained period of low iron ore prices could weaken Atlas Iron’s liquidity position as the company is expected to generate minimal earnings and negative free operating cash flows, S&P said.
The ratings also consider Atlas Iron’s weak business risk profile, small global scale, high production costs and exposure to volatile iron ore prices, the agency said.
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