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Research Update: Manganese Ore Miner Consolidated Minerals Assigned 'BB-' Rating; Proposed Notes Rated 'BB-'; Outlook Stable
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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Jersey-headquartered manganese ore producer Consolidated Minerals Ltd. (Jersey) (ConsMin) is proposing to issue $400 million of senior secured notes to refinance part of its outstanding shareholder loan and to provide debt funding for general corporate purposes. We are assigning our 'BB-' long-term corporate credit rating to ConsMin, and a 'BB-' issue rating and '4' recovery rating to the company's proposed notes. The stable outlook reflects our view that ConsMin is well-positioned to maintain its market position in the steel production supply chain and that its liquidity will be adequately supported by free operating cash flow. On April 12, 2011, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to Jersey-incorporated, leading manganese ore producer Consolidated Minerals Ltd....
Companies mentioned in this report are: Consolidated Minerals Ltd. (Jersey)
Action: New Rating
Action: Outlook: Stable
Consolidated Minerals Ltd. (Jersey)