Pan American Silver Corp.: Update to credit analysis

Pan American Silver Corp.: Pan American Silver's sale of its interest in the MARA project and other assets is credit positive - Issuer Comment – 2023/07/31 – US$ 200.00 – ...On July 31, 2023, Pan American Silver Corp. (Baa3 stable, "Pan American") announced that it had entered into agreements to divest certain non-core assets, including the sale of its interest in the MARA project in Argentina, the Morococha mine in Peru and the Agua de la Falda project in Chile for total cash proceeds of $593 million. The transactions are credit positive because they bolster the company's liquidity as Pan American plans to use the proceeds to fully repay its credit facility ($325 million drawn at Q1/23) with the remainder going to cash. It also allows the company to reduce its annual project development, reclamation and care and maintenance costs, which for MARA and Morococha amounted to $15.7 million in the second quarter of 2023 (~$60 million annualized). In addition, the transactions provide Pan American with increased liquidity to fund growth projects, including the La Colorada Skarn Project in Mexico, and is in line with the company's plan to optimize the portfolio following...

Pan American Silver Corp.: Update after first time rating - Credit Opinion – 2023/04/05 – US$ 250.00 – ...Pan AmericanSilver Corp. ("Pan American") benefits from: 1) financial leverage of about 1x pro forma for the acquisition of Yamana and expectation that it will be maintained around 1.5x; 2) a stable pro forma production profile of about 1 million ounces of gold and 24 million ounces of silver per year from existing operations with the possibility of increased production should it restart and ramp-up the Escobal mine; 3) diversity of cash flow among its 11 mine operations in seven countries; and 4) the expectation it will generate material positive free cash flow in 2024 and thereafter (negative in 2023 as the company spends to restart Escobal). The company is constrained by: 1) its smaller scale compared to investment grade peers; 2) the company's concentration in gold and silver and the related price volatility sensitivity; 3) exposure to regions in Latin America with elevated geopolitical risks; and 4) the high-cost nature of standalone gold mining operations....

Moody's assigns Baa3 initial long term issuer rating to Pan American Silver Corp.; stable outlook - Rating Action – 2023/03/31 – 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...