Australia-based coal company Coronado Global Resources Inc.'s US$180 million equity raising alleviates immediate liquidity risks amid a weak external operating environment. Nevertheless, we expect weak metallurgical (met) coal prices and lower sales volumes to result in negative free operating cash flow and adjusted debt to EBITDA exceeding 4x in 2020. On Sept. 1, 2020, S&P Global Ratings affirmed the 'B' long-term issuer credit rating on Coronado. We also removed the rating from CreditWatch, where they were placed with negative implications on July 7, 2020. The negative outlook reflects our view that Coronado will continue to burn cash absent a material recovery in coal prices. The negative outlook reflects our view that Coronado will continue to burn cash absent a material
