Industry Report Card: Canadian Metals And Mining Apr 06
Standard & Poors, April 2006
Abstract
The Canadian metals and mining sector continues to experience a high degree of ratings volatility, which is expected to persist through 2006 as companies' buoyant conditions compel them to engage in any combination of debt reduction, M&As, and shareholder-friendly initiatives. Globally, rating trends in the metals and mining sector have remained on a positive trajectory, benefiting from the persistent strength in most segments and company actions to reduce financial burdens. The potential for upgrades has diminished, however, as many ratings are now constrained by companies' business risk profiles, reflecting highly competitive and volatile markets. In addition, the entire universe of companies is increasingly susceptible to operating cost inflation stemming from higher energy costs, higher currencies relative to the U.S. dollar,...
Companies mentioned in this report are:
- Vale Canada Ltd.
- Rio Tinto Alcan Inc.
- Xstrata Canada Corp.
- Placer Dome Inc.
- Teck Resources Ltd.
- Barrick Gold Corp.
- Russel Metals Inc.
- Cameco Corp.
- IPSCO Inc.
- ArcelorMittal Dofasco Inc.
- Novelis Inc.
- HudBay Minerals Inc
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Vale Canada Ltd.
- Rio Tinto Alcan Inc.
- Xstrata Canada Corp.
- Placer Dome Inc.
- Teck Resources Ltd.
- Barrick Gold Corp.
- Russel Metals Inc.
- Cameco Corp.
- IPSCO Inc.
- ArcelorMittal Dofasco Inc.
- Novelis Inc.
- HudBay Minerals Inc
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