...- In our view, Australia-based coal company Coronado Global Resources Inc. will generate robust positive free cash flow in 2022 following a sustained increase of metallurgical (met) coal prices. - We forecast Coronado's adjusted gross debt-to-EBITDA ratio at 0.2x-0.3x in 2022 due to the current high prices, and expect the company to be in a net cash position. - On March 30, 2022, S&P Global Ratings raised its long-term issuer credit rating on Coronado to 'B+' from 'B'. At the same time, we raised the issue rating on the company's senior secured debt to '##-' from 'B+'. The recovery rating on the senior secured debt is '2' (85%). - The stable outlook reflects our view that Coronado will operate with more prudent liquidity levels, maintaining at least US$200 million of liquidity, as well as low absolute debt, while managing its capital investments and shareholder distributions....
