...- We expect Coeur Mining Inc.'s (Coeur) adjusted leverage will remain above 5x in 2023 and then significantly deteriorate in 2024 based on our assumption of gold prices declining from recent highs, which would affect Coeur more materially in the future as the current hedge book program is only approved through 2023. - We expect earnings weakness to persist as higher production costs reduce margins even though we expect increased production from the Rochester mine as the expansion project nears completion in the second half of 2023. - Coeur's free operating cash flow (FOCF) will remain negative in 2023 because of the continued investment in the Rochester expansion, a project that is key for the long-term profitability of the company. - Therefore, S&P Global Ratings lowered its issuer credit rating on Coeur to 'B-' from 'B.' - Concurrently, we lowered our issue-level ratings on the company's senior secured debt to 'B+' from '##-' and on Coeur's senior unsecured debt to 'B-' from 'B' based...
