...July 13, 2021 - We expect Conuma Resources Ltd. (Conuma) will maintain limited excess liquidity at least through this year, with high sensitivity to operating results slightly below our expectations. - We also believe the company faces heightened refinancing risk from material debt maturities due within the next two years from drawn credit facilities that include restrictive financial covenants. - As a result, on July 13, 2021, S&P Global Ratings affirmed its '###+' issuer credit rating (ICR) on Conuma and its 'B-' issue-level rating on the company's senior secured notes. The '2' recovery rating on the notes is unchanged. - The negative outlook reflects the risk that modest underperformance in Conuma's operating results relative to our estimates could exhaust its liquidity or increase the likelihood of a debt restructuring transaction that we view as distressed. TORONTO (S&P Global Ratings) July 13, 2021--S&P Global Ratings today took the rating actions listed above. We believe Conuma has...
