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S&P lowers Eldorado Gold
S&P said it lowered its long-term corporate credit rating on Eldorado Gold Corp. to B from B+.
The outlook is stable.
At the same time, S&P lowered its issue-level rating on Eldorado's senior unsecured notes to B From B+. The 3 recovery rating is unchanged, representing meaningful (50%-70%; rounded estimate 55%) recovery in the event of a default.
The agency said the downgrade primarily reflects expectations of weaker earnings and cash flow for Eldorado following the release of the company's year-end 2017 financial results and outlook for 2018.
“We attribute much of the decline to significantly lower gold output and higher cash costs at Eldorado's Kisladag mine,” S&P said in a news release.
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