...- The fatal accident at the Guacolda 2 port, the hydrocarbon spillover on Guarello Island, and considerable operating deviation from the 2019 forecast have led us to revise our management and governance score on CAP S.A. to fair from satisfactory. - Also, we're updating our financial forecast for the company with the March 2020 price deck and adjusted steel prices for current market environment. - On April 28, 2020, S&P Global Ratings affirmed the global scale '##+' issuer credit and issue-level ratings on Chilean mining company. - The negative outlook reflects the challenges for the company's metrics to rebound in a dramatically uncertain scenario for commodity prices and demand. We can lower the ratings on CAP due to weaker credit metrics such as debt to EBITDA consistently above 2.5x and less headroom in the company's debt payment acceleration covenants. A weaker liquidity cushion can also trigger a downgrade amid deteriorating cash balances, while the $200 million bond are due in the...
