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S&P rates Lumena bonds BB-
Standard & Poor's said it assigned its BB- long-term corporate credit rating to Lumena Resources Corp. The outlook is stable.
At the same time, S&P assigned its BB- issue rating to the company's proposed issue of a senior unsecured offshore bond.
"The rating on Lumena reflects small niche market for the company's thenardite products, the company's high exposure to technology risks, and its customer concentration. These weaknesses are tempered by Lumena's leading market position, low cost profile, and good resource base," said S&P credit analyst Judy Kwok-Cheung in a news release.
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