...Fitch Ratings upgraded the Issuer Default Rating (IDR) for Teck Resources Limited to `BB+' from `BB' along with Teck's unguaranteed debt. Fitch also affirmed the `BB+' rating of the guaranteed debt and facilities. The upgrade reflects the company's improved capital structure, strong liquidity and Fitch's expectation that project spending and related financing will be balanced with shareholder-friendly actions. The Positive Outlook reflects the possibility that spending for the Quebrada Blanca Phase II (QB2) expansion project is delayed or self-funded. Fitch believes the hard coking coal benchmark price will revert to USD120/tonne in 2019 and USD110/tonne longer term, which could result in FFO leverage of about 2.5x in 2019 without QB2 financing and 3.3x with estimated QB2 financing....
