We are assigning our 'B-' long-term corporate credit rating and stable outlook to Canada-based iron ore producer Baffinland Iron Mines Corp., which operates its recently completed high-grade Mary River mine in Nunavut. At the same time, we are assigning our 'B-' issue-level rating and '4' recovery rating to Baffinland's proposed secured notes of US$350 million. The ratings primarily reflect the company's limited scale as an early stage single-mine operator, with a financial risk profile that is highly sensitive to historically volatile iron ore prices. We also expect the company will proceed with a capital-intensive expansion of its Mary River mine next year, which would add financial risk through to its estimated completion in 2019. The stable outlook reflects our expectation
