Moody’s changes Fresnillo view

Moody’s Investors Service said it affirmed Fresnillo plc's Baa2 senior unsecured rating and changed its outlook to stable from positive.

The agency said that while Fresnillo maintains solid credit metrics, the change in outlook reflects an expectation that free cash flow will remain negative in the next 12 to 18 months, as Fresnillo continues to have large capital spending that entails some execution risks, and the risks related to the group concentration on one country, Mexico, leaving it fully exposed to any adverse change in the country's regulatory or operating environment.

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