We expect Conuma Resources Ltd. (Conuma) will maintain limited excess liquidity at least through this year, with high sensitivity to operating results slightly below our expectations. We also believe the company faces heightened refinancing risk from material debt maturities due within the next two years from drawn credit facilities that include restrictive financial covenants. As a result, on July 13, 2021, S&P Global Ratings affirmed its 'CCC+' issuer credit rating (ICR) on Conuma and its 'B-' issue-level rating on the company's senior secured notes. The '2' recovery rating on the notes is unchanged. The negative outlook reflects the risk that modest underperformance in Conuma's operating results relative to our estimates could exhaust its liquidity or increase the likelihood of a
