Research Update: Coeur Mining Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Higher Leverage, Reduced Production; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Coeur Mining Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Higher Leverage, Reduced Production; Outlook Stable

Research Update: Coeur Mining Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Higher Leverage, Reduced Production; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Coeur Mining Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Higher Leverage, Reduced Production; Outlook Stable
Published Apr 16, 2019
8 pages (3105 words) — Published Apr 16, 2019
Price US$ 225.00  |  Buy this Report Now

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Abstract:

Chicago-based gold and silver producer Coeur Mining Inc. (Coeur) has fallen short of our production increase expectations at its Silvertip mine due to mechanical issues at the processing facility. We now anticipate that debt leverage will remain close to 4x in 2019 as Coeur works to upgrade the Silvertip mill and increase its throughput. As a result, on April 16, 2019, S&P Global Ratings lowered its issuer credit rating on Coeur to 'B' from 'BB-'. We also lowered our issue-level ratings on Coeur's $250 million revolving credit facility due 2022 to 'BB-' from 'BB+', and on its $250 million senior unsecured notes due 2024 to 'B' from 'BB-'. The stable outlook reflects our expectation that adjusted leverage will remain close

  
Brief Excerpt:

...- Chicago-based gold and silver producer Coeur Mining Inc. (Coeur) has fallen short of our production increase expectations at its Silvertip mine due to mechanical issues at the processing facility. - We now anticipate that debt leverage will remain close to 4x in 2019 as Coeur works to upgrade the Silvertip mill and increase its throughput. - As a result, on April 16, 2019, S&P Global Ratings lowered its issuer credit rating on Coeur to 'B' from '##-'. We also lowered our issue-level ratings on Coeur's $250 million revolving credit facility due 2022 to '##-' from '##+', and on its $250 million senior unsecured notes due 2024 to 'B' from '##-'. - The stable outlook reflects our expectation that adjusted leverage will remain close to 4x for 2019. We also expect nominal free cash flow, which is a factor in our revised assessment of the company's liquidity to adequate from strong....

  
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MLA:
S&P Global Ratings’ Credit Research. "Research Update: Coeur Mining Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Higher Leverage, Reduced Production; Outlook Stable" Apr 16, 2019. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Coeur-Mining-Inc-Issuer-Credit-Rating-Lowered-To-B-From-BB-On-Higher-Leverage-Reduced-Production-Outlook-Stable-2216552>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Coeur Mining Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Higher Leverage, Reduced Production; Outlook Stable Apr 16, 2019. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Coeur-Mining-Inc-Issuer-Credit-Rating-Lowered-To-B-From-BB-On-Higher-Leverage-Reduced-Production-Outlook-Stable-2216552>
  
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