...January 16, 2024 - Canada-based iron ore miner Baffinland Iron Mines Corp.'s (Baffinland) credit facilities, including its $212.5 million revolving credit facility (RCF) and $75 million EDC term credit facility, are current, indicating heightened refinancing risk. - We also expect Baffinland will generate modest forecast free operating cash flow (FOCF) deficits over the next couple of years. - Given the significant near-term debt maturities, we lowered our ratings on Baffinland to '###' from 'B-', including our issuer credit rating on the company. - The outlook is negative, primarily reflecting Baffinland's sizable upcoming debt maturities, which we believe increase the risk of a distressed exchange or default occurring over the coming months. TORONTO (S&P Global Ratings) Jan. 16, 2024--S&P Global Ratings today took the rating actions listed above. Baffinland's significant near-term debt maturities contribute to increased risk of default and weak liquidity in our view. A significant portion...
