Exposed to volatile silver and gold prices Primary silver producer Limited mining diversity Low absolute debt levels Manageable capital spending plans in 2013 and 2014 Adequate liquidity The stable outlook on Coeur Mining Inc. reflects our expectation that despite recent declines in silver and gold prices, the company will maintain leverage below 4x, funds from operations (FFO) to debt above 20%, and an adequate liquidity position for the next 12 months. We could lower the rating if Coeur's leverage ticked above 4x or if FFO to debt fell below 20% for a sustained period. This could occur if EBITDA fell due to additional metals price volatility or unexpected cost escalations; it could also occur if debt levels increased substantially due
