We expect U.S.-based silver and gold mining company Coeur Mining Inc.'s credit measures to weaken on higher debt and lower precious metals prices. We are lowering our corporate credit rating on the company to 'B' from 'B+'. We are also lowering our issue rating on the company's senior unsecured notes to 'B+' from 'BB-', with a recovery rating of '2'. The stable outlook reflects our expectation that Coeur will maintain adequate liquidity because further cost and efficiency gains will help mitigate the very high volatility of profitability inherent in precious metals prices. On March 26, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating on Chicago-based Coeur Mining Inc. to 'B' from 'B+'. The outlook is stable. We
