...Downside Scenario Analysis: Fitch Ratings presents a downside operational and financial scenario to assess the resilience of Minsur's credit profile at the current rating level and what situation would stress the rating enough to be downgraded. Fitch does not consider this scenario likely over the medium to long term, given Minsur's `BBB¡' rating with a Stable Outlook. The purpose is to illustrate evolving factors related to cash flow generation capabilities in the future, especially in connection to declining ore grades at the San Rafael tin mine. Focus on Cost Remains Critical: Fitch's scenario analysis indicates that Minsur's ability to manage a low-cost position at the San Rafael mine and prudent deployment of capex are key considerations for maintaining an investment-grade rating. The company took steps to maintain its cost position and production profile; however, lower ore grades and production levels could stress the company under a scenario of weaker than expected tin prices and...
