Moody's cuts Hudbay to SGL-4, view negative

Moody's Investors Service said it affirmed HudBay Minerals Inc.'s B3 corporate family rating, B3-PD probability of default rating and B3 senior unsecured notes ratings, lowered the speculative grade liquidity rating to SGL-4 from SGL-3 and changed the outlook to negative from stable.

Moody's said the action is driven by increased costs at Hudbay's $1.7 billion Constancia copper project underway in Peru, the uncertainty of the final cost of the project and concern that unless that project is completed on budget and on schedule that the company's liquidity will be inadequate.

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