Research Update: Quadra FNX Mining Ltd. CreditWatch Revised to Positive On Acquisition By KGHM Polska Miedz S.A. Mar 12
Standard & Poors, March 2012
Abstract
The C$3 billion cash acquisition of Vancouver-based Quadra FNX Mining Ltd. by KGHM Polska Miedz S.A. (KGHM; not rated) closed on March 5, 2012. As a result, we have revised the CreditWatch implications to positive from developing, indicating that we could raise or affirm the ratings in the near term. The CreditWatch revision is based on what we see as limited downside rating risk stemming from the acquisition, as well as the prospects of a higher rating for Quadra FNX pending our assessment of the interplay between Quadra FNX's credit profile and that of its new parent, KGHM. We will resolve the CreditWatch after assessing parent-subsidiary links and the new parent's plans for Quadra FNX. On March 6, 2012, Standard...
Companies mentioned in this report are: Quadra FNX Mining Ltd.
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Quadra FNX Mining Ltd.
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