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Fitch ends watch on Mongolian Mining
Fitch Ratings said it removed Mongolian Mining Corp.’s ratings from rating watch negative where they were placed on Aug. 28.
The agency also affirmed MMC’s long-term foreign-currency issuer default rating at B. The outlook is stable. Fitch also assigned a B final rating to the U.S. dollar senior exchange notes due September 2026, with an RR4 recovery rating. The notes were jointly and severally issued by MMC and its wholly owned subsidiary, Energy Resources LLC.
“MMC's refinancing risk is mitigated after completing the exchange offer, with a larger cash buffer enhancing liquidity and more spread-out debt maturities. After the exchange offer and new note issuance, MMC's maturity profile improved significantly with $84 million of notes maturing in 2024 and $180 million in 2026, compared with $350 million in 2024 previously.
We expect MMC's cash balance at end-2023 to be slightly under $150 million, which is sufficient to cover $84 million due in April 2024 and provides a sufficient cash buffer to maintain operations,” Fitch said in a press release.
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