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S&P cuts Americas Mining loans to BB+
Standard & Poor's said it lowered Americas Mining Corp.'s senior secured credit facility to BB+ from BBB- and removed the rating from CreditWatch, where it was placed with negative implications on April 6.
The corporate credit rating is BBB-.
The outlook remains stable.
S&P said the action follows the review of Americas Mining and its subsidiaries' debt structure.
The company's financial performance remains robust, supported by stronger copper prices than those of last year and the reincorporation of Asarco since December 2009, which has somewhat improved its business profile by bolstering its position as a leading copper producer and expanding its geographic reach, according to the agency.
Key financial metrics are also in line with expectations, despite higher debt levels, as evidenced by adjusted total debt-to-EBITDA ratio of 1.4x.
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