S&P puts Goldcorp on watch

S&P said it placed its issuer credit and issue-level ratings on Goldcorp Inc. on CreditWatch with negative implications.

“The CreditWatch placement follows Goldcorp's weak third-quarter 2018 results and downward revision to its guidance for gold production and unit costs this year,” S&P said in a news release.

“We now expect the company will generate adjusted debt-to-EBITDA approaching 2.5x this year – well above our downside rating trigger of 2.0x. In our view, there is now greater uncertainty that Goldcorp will be able to generate credit measures in line with our much stronger estimates in 2019 and 2020, which include leverage in the 1.5x area over this period.”

© 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.