...+ Standard & Poor's has revised its price assumptions for iron ore because global demand remains soft, resulting in the likely lower cash generation and tighter credit metrics for Chile-based mining company, CAP, in the next two years. + We have downgraded CAP to '##+' from '###-'. + We expect the ongoing weak market conditions to keep driving iron ore prices down, resulting in pressured financial metrics for the next two years. SAO PAULO (Standard & Poor's) Jan. 30, 2015--Standard & Poor's ratings services lowered its corporate credit and issue ratings on CAP S.A. to '##+' from '###-'. The outlook is negative. "The downgrade reflects our expectation that CAP's financial risk profile will weaken in the next two years due to the eroding iron prices," said Standard & Poor's credit analyst Marcus Fernandes Even though the new price assumptions for 2015 and 2016 are $20 per ton lower than our previous ones, the hit on CAP's financial performance wouldn't be as hard given the company's cost-cutting...
