S&P raises Iamgold notes to B+

S&P said it raised its issue-level rating on Iamgold Corp.'s senior unsecured notes to B+ from B and revised the recovery rating to 2 from 4.

A 2 recovery rating corresponds with substantial (70%-90%; high end of the range) recovery in the agency’s simulated default scenario, and an issue-level rating that is one-notch above the long-term corporate credit rating.

At the same time, the agency affirmed its B long-term corporate credit rating on the company.

The outlook is stable.

"The upgrade and revision to the recovery rating are based on the lower amount of debt outstanding in our recovery analysis," S&P credit analyst Jarrett Bilous said in a news release.

© 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.