U.S. silver and gold producer Coeur Mining Inc. has redeemed $190 million of its 7.875% notes due 2021 with proceeds from a $200 million equity offering. As a result, we are raising the corporate credit rating on Coeur Mining to 'BB-' from 'B+'. We are also affirming the 'BB-' issue-level rating on the company's senior unsecured notes due 2021. At the same time, we are revising the recovery rating on the notes to '3' from '2' based on the potential for higher priority debt to reduce noteholder recovery prospects. The stable outlook reflects our expectation that Coeur Mining will meet its production and cost targets and generate EBITDA such that adjusted debt leverage will remain in the 1x to 2x
