Moody’s downgrades Goldcorp debt to Baa3

Moody's Investors Service said it downgraded Goldcorp Inc.'s senior unsecured ratings to Baa3 from Baa2.

The outlook is negative. This concludes the review for possible downgrade initiated on Jan. 21.

"The downgrade of Goldcorp's rating reflects the deterioration of its profitability and coverage metrics and our expectation they will remain weak through 2016 combined with minimal free cash flow generation at a $1,100/oz gold price," Moody's vice president, senior analyst Jamie Koutsoukis said in a news 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.