Fitch moves Mongolian Mining to negative view

Fitch Ratings said it revised the outlook on Mongolian Mining Corp. to negative from stable and affirmed the long-term foreign-currency issuer default rating at B.

The agency also affirmed MMC's $440 million of 9¼% senior unsecured notes due 2024 at B with an RR4 recovering rating. The notes are co-issued by MMC and its wholly owned subsidiary, Energy Resources LLC and guaranteed by most of MMC's operating subsidiaries.

“The negative outlook reflects the uncertainty about MMC's business recovery due to periodic restrictions at the border with China to contain the spread of Covid-19. We expect the prolonged border disruptions in 2021 to have caused MMC's credit metrics to deteriorate from 2020 levels. Border traffic remains restricted at the moment, but the company expects the curb to be lifted soon. However, the credit metrics could remain weak if there is no clear recovery in border traffic,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.