S&P could lower Eurasian Natural

Standard & Poor's said it placed its B/B long- and short-term corporate credit ratings on Kazakh mining company Eurasian Natural Resources Corp. plc on CreditWatch with negative implications.

The CreditWatch placement follows a significant iron ore price decline in 2014 and the agency’s revision of its iron ore price assumptions for the rest of the year and for 2015-2016.

S&P now expects prices to stabilize at around $85 per metric ton (/mt) 62% CFR China, $10 lower than its previous assumption. It is aware that prices may decline further, with the current iron ore spot price at about $80/mt.

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