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Bemax Resources Ltd. Ratings Affirmed, Outlook Revised To Positive On Snapper Mine Completion
Standard & Poors, May 2011
Abstract
MELBOURNE (Standard & Poor's) May 13, 2011--Standard & Poor's Ratings Services today said that it had affirmed its 'B-' corporate credit and senior-unsecured debt ratings on Bemax Resources Ltd. (Bemax), an Australian-based miner of mineral sands and zircon. We revised the rating outlook on Bemax to positive, from stable. At the same time, we affirmed our recovery rating of '4' on the senior-unsecured debt of Bemax. The positive rating outlook is underpinned by the completion of the company's Snapper mine development, which was commissioned in early 2011 and is ramping up to full capacity. The successful commissioning of the mine, in our view, is key to an improvement in Bemax's currently weak financial performance and the company's long-term viability. The...
Companies mentioned in this report are: Bemax Resources Ltd.
Action: Affirmed
Action: Outlook: Positive
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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