Research Update: Coronado Upgraded To 'B+' On Improved Business And More Conservative Capital Structure; Outlook Stable

Australian and U.S.-based producer of high-quality metallurgical coal, Coronado Global Resources Inc. (Coronado), has a more conservative financial profile and improved business prospects, which will sustain stronger credit metrics. On June 21, 2019, S&P Global Ratings raised its long-term issuer credit rating on U.S.-based Coronado Group LLC to 'B+' from 'B', and subsequently withdrew the rating following subsidiary Coronado Global Resources Inc.'s listing in Australia. At the same time, we assigned a long-term issuer credit rating of 'B+' to Coronado. The stable outlook reflects our expectation that Coronado will incrementally increase annual production to about 23 mtpa across its portfolio, including about 13 mpta from the Curragh mine in Australia. We also expect Coronado to optimize its mining operations, potentially

...- Australian and U.S.-based producer of high-quality metallurgical coal, Coronado Global Resources Inc. (Coronado), has a more conservative financial profile and improved business prospects, which will sustain stronger credit metrics. - On June 21, 2019, S&P Global Ratings raised its long-term issuer credit rating on U.S.-based Coronado Group LLC to 'B+' from 'B', and subsequently withdrew the rating following subsidiary Coronado Global Resources Inc.'s listing in Australia. At the same time, we assigned a long-term issuer credit rating of 'B+' to Coronado. - The stable outlook reflects our expectation that Coronado will incrementally increase annual production to about 23 mtpa across its portfolio, including about 13 mpta from the Curragh mine in Australia. - We also expect Coronado to optimize its mining operations, potentially improving its operating leverage and EBITDA margin....

Research Update