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Bulletin: Atlas Iron Ratings Unaffected By Asset Write-Down Feb 13 Product Image

Bulletin: Atlas Iron Ratings Unaffected By Asset Write-Down Feb 13

  • ID: 2419539
  • February 2013
  • Standard & Poors

SINGAPORE (Standard & Poor's) Feb. 21, 2013--Standard & Poor's Ratings Services said today that A$258 million in write-down of undeveloped assets does not affect its 'B+' corporate credit rating on Australia-based iron ore producer Atlas Iron Ltd. The write-down also does not affect our recovery rating of '3' and our 'B+' rating on its Term Loan B. The asset write-down is a noncash accounting charge, which does not affect the company's cash flow generating capacity over the next two years. We also estimate that the company's ratio of debt to debt plus equity will only increase moderately to about 21% for fiscal 2013, compared with 16%-18% under our previous base-case expectations. Atlas Iron's leverage continues to be modest for the...

Companies mentioned in this report are:
- Atlas Iron Ltd.

Action: Bulletin

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
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