S&P cuts Mirabela Nickel to D

Standard & Poor's said it lowered its corporate credit rating on Mirabela Nickel Ltd. to D from SD.

The issue rating on the company's $395 million 8¾% notes remains at D and the recovery rating of 4 remains unchanged.

"Today's lowering to D follows Mirabela's announcement that it had entered into standstill agreements with its key creditors that have financing facilities with the company for about $454 million," S&P credit analyst Thomas Jacquot said in a release. "During the 60-day standstill period, Mirabela will not make any payment of interest or principal under its existing debt other than as specified."

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