Coronado Global Resources Inc.'s weak operating performance in the first quarter of fiscal 2025 pressures its liquidity given the rate at which it is burning through cash due to weak coal prices and high operating costs. Without a sustainable recovery in metallurgical coal prices to above $220 per metric ton, we forecast continued negative free cash flow for fiscal 2025. Furthermore, we anticipate Coronado's liquidity may tighten further if it cannot restructure or extend covenant waivers for its US$150 million asset-based loan facility. We lowered to 'B-' from 'B' our long-term issuer credit rating on Coronado. At the same time, we lowered to 'B' from 'B+' our long-term issue rating on the company's senior secured debt. The recovery rating on
