S&P lifts HudBay notes to B+

S&P said it raised its long-term corporate credit and senior unsecured debt ratings on HudBay Minerals Inc. to B+ from B. The 3 recovery rating is unchanged, representing meaningful (50%-70%; rounded estimate 65%) recovery.

The outlook is stable.

“The upgrade primarily reflects significant improvement in our estimates for HudBay's prospective cash flows and credit measures, which mainly reflect improved base metals prices and expected revolver debt repayment,” the agency said in a news release.

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