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Moody's: Hudbay notes B3
Moody's Investors Service said it assigned Hudbay Minerals Inc. a B2 corporate family rating and a B2 probability of default rating.
The agency also assigned a B3 rating to Hudbay's proposed $400 million of senior unsecured notes and a SGL-3 speculative grade liquidity rating. The outlook is stable.
Moody's said Hudbay's B2 corporate family rating is heavily influenced by its small scale, concentration of near term activity in one underground copper and zinc mine in Canada and sizeable execution risks associated with the company's three development projects.
While free cash flow will likely remain heavily negative through 2013, Moody's said the company has substantial cash balances to fund this shortfall and Hudbay's adjusted Debt/ EBITDA is expected to remain below 5x through this timeframe.
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