Moody's: First Quantum notes B1

Moody's Investors Service said it assigned Ba3 corporate family and probability of default ratings to First Quantum Minerals Ltd.

Concurrently, Moody's assigned a provisional B1 rating with a loss-given default assessment of 4 (69%) to the proposed $350 million of senior unsecured notes to be issued by First Quantum.

The outlook is stable.

Moody's said the proposed notes will rank as First Quantum's senior unsecured obligations and will be structurally and contractually subordinated to the secured bank debt available to and drawn by the operating subsidiaries.

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