S&P cuts HudBay Minerals

Standard & Poor's said it lowered its ratings on HudBay Minerals Inc., including its long-term corporate credit rating to B- from B. The outlook is stable.

"The downgrade follows HudBay's intention to raise its level of balance-sheet debt, which would weaken our view on credit measure expectations with an adjusted debt-to-EBITDA leverage ratio approaching 7.0x through most of next year," said S&P credit analyst George Economou in a news release.

The company intends to increase its debt load through a proposed $150 million add-on to its $500 million senior unsecured notes.

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