Coronado Global Resources Inc.: Credit opinion update

Coronado Global Resources Inc.: Credit opinion update - Credit Opinion – 2023/04/27 – US$ 250.00 – ...Coronado Global Resources Inc's (B1 stable) credit profile is supported by the company's strong financial profile and liquidity position. The company's net cash position stood at USD92 million as of end of calendar 2022 as the company benefited from strong metallurgical ("met") coal prices in recent periods. Also supportive of Coronado's position as a sizable met coal producer with geographically diversified operations in Australia and the United States. At the same time, Coronado's credit profile is constrained by the company's exposure to cyclicality in met coal prices, and reliance on two operations for the vast majority of earnings. Further, Coronado's credit profile is constrained by its Stanwell agreement, which limits profitability and raises exposure to price corrections to the downside. Met coal prices have moderated from the record average of USD365/t achieved in 2022 to current levels of around USD250/t. Although we expect met coal prices will continue moderating towards below...

Coronado Global Resources Inc.: Update following upgrade to B1 - Credit Opinion – 2022/04/12 – US$ 250.00 – ...The upgrade of Coronado Global Resources Inc's rating to B1 from B2 reflects the substantial improvement in its financial profile and liquidity. Primarily a metallurgical (met) coal producer, Coronado has benefited from the recovery and rise in met coal prices over the past year. Also supportive of Coronado's credit profile is its improved capital structure following its refinancing initiatives last year. The B1 rating benefits from Coronado's position as a sizable met coal producer with geographically diversified operations in Australia and the United States. At the same time, Coronado's credit profile is constrained by the company's exposure to a decline in met coal prices, and reliance on two operations for the vast majority of earnings. Further, Coronado's credit profile is constrained by its Stanwell agreement, which limits profitability and raises exposure to price corrections to the downside. So far in 2022 met coal prices have been averaging at record high levels on the back of...

Coronado Global Resources Inc.: Update following rating affirmation and outlook change to positive - Credit Opinion – 2021/08/17 – US$ 250.00 – ...Coronado Global Resources Inc's (B2 positive) credit profile benefits from the company's position as a high quality metallurgical coal producer with geographically diversified operations in Australia and the United States. In May 2021, Coronado carried out an equity raising, put in place a $350 million secured bond and entered into a $100 million senior secured asset-based revolving credit facility (ABL). At the same time, the company repaid and cancelled its syndicated facility agreement. These steps have improved Coronado's capital structure and liquidity meaningfully, as well as relieved the company from risk of covenant breaches given the secured bond does not have maintenance covenants. At the same time, Coronado's credit profile is constrained by the company's exposure to met coal prices, and reliance on two operations for about 80% of earnings. Further, Coronado's margins and cash generation are constrained by high royalty arrangements, primarily reflecting the long-term agreement...

Coronado Global Resources Inc.: Update following downgrade to B2; outlook negative - Credit Opinion – 2021/01/21 – US$ 250.00 – ...Coronado Global Resources Inc's (B2 negative) credit profile reflects the company's position as a high quality metallurgical coal producer with geographically diversified operations in Australia and the United States. At the same time, the rating is constrained by its fairly concentrated asset base with reliance on two operations for the majority of its earnings and cash flow. The rating also reflects the weak Australian metallurgical coal prices. Australia-China trade tensions have escalated, with China imposing tariffs on a range of Australian products, including beef, barley, coal and wine. As the largest buyer of Australian metallurgical coal, the reduced demand from China has had an impact on Australian coal prices. At current prices of metallurgical coal exported from Australia, we expect the company to rely on liquidity on hand to fund operations over the next few quarters, until there is a sustained improvement in prices. The company has received a covenant waiver until September...

Moody's downgrades Coronado to B2 from B1; outlook negative - Rating Action – 2021/01/19 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...