S&P cuts Eldorado Gold

S&P said it lowered its long-term corporate credit rating on Eldorado Gold Corp. to BB- from BB. The outlook is negative.

At the same time, S&P lowered its issue-level rating on the company’s senior unsecured notes to BB- from BB.

“The downgrade primarily reflects the revision to our financial risk assessment on Eldorado to aggressive from intermediate following the announcement of the sale of the company’s mining interests in China for gross proceeds of US$900 million,” said S&P credit analyst Jarrett Bilous in a news release.

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