Moody's cuts HudBay CFR, PDR

Moody's Investors Service said it downgraded HudBay Minerals, Inc.'s corporate family rating to B3 from B2, downgraded its probability of default rating to B3-PD from B2-PD, affirmed its B3 senior unsecured notes ratings and affirmed its speculative grade liquidity rating at SGL-3.

The outlook is stable.

Moody's said the action reflects its belief that HudBay will likely require additional capital of around $400 million to complete development of its various growth projects and that the company will at least partially fund this requirement with debt rather than equity, as the rating had previously assumed.

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